Prabhu invites Australian Superfunds to invest in India
Sydney, June 26: Addressing representatives of about 25 Australian Superfunds, who have huge investible assets, Union Commerce Minister Suresh Prabhu on Tuesday invited them to invest in India.
The Minister informed them about the work being done towards transforming and reforming India and the numerous investment opportunities being generated for investors.
He focussed on structural changes such as introduction of the Goods and Services Tax (GST), shifting of informal sector resources to formal sector through financial inclusion and increased digitisation and the measures being taken towarxds making the processes of doing business in India easier.
Investment opportunities in various infrastructure projects such as industrial corridors, ports, smart cities, airports and railway projects were highlighted by him.
This was followed by further presentations by Invest-India and Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) on details of specific investment projects that Australian Superfunds could invest in.
In his address Suresh Prabhu mentioned the sectors of knowledge-based agriculture, services, education and manufacturing as the key areas of mutual cooperation between India and Australia.
"He stressed that economic interdependence is the best way to further relationships between the countries, and that India and Australia are natural partners who can build such interdependence and leverage each other's economic advantages," a statement said.
He also met Gladys Berejiklian, the Premier of New South Wales -- the largest state of Australia.
Prabhu also met leaders of the Indian diaspora in Sydney on Tuesday.
The 15th India-Australia Joint Ministerial Commission (JMC) was held on Monday, in Canberra, Australia.
The meeting was jointly chaired by Suresh Prabhu and Australian Minister for Trade, Tourism and Investment Steven Ciobo.
The JMC took place after a gap of four years in a very warm and cordial atmosphere.
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Karnataka fast-tracks investment approvals, cuts red tape across key clearances: Minister Patil
Bengaluru (PTI): Karnataka Minister M B Patil on Saturday said the state government has fast-tracked approvals for investment projects and taken measures to cut red tape.
He said that since 2022, Karnataka has approved 2,028 projects worth Rs 5.11 lakh crore, which could create 7.16 lakh jobs.
Of these, Rs 69,564 crore has already been realised, generating 1.06 lakh jobs, he added.
“Karnataka fast-tracks approvals, cuts red tape,” the Minister for Large & Medium Industries said.
“Clear results of our government’s push to speed up approval processes are now evident. Not only have investment agreements been secured, but effective implementation is also underway,” he said in a post on X.
He added that simplified and swift approval processes are boosting investor confidence and providing greater impetus to industrial growth across the state.
“Karnataka’s investment-friendly environment is further strengthened by its culture of ease of doing business,” he said.
Noting that Karnataka is fast-tracking approvals and aligning departments and districts for on-ground delivery, the minister said: “We have overhauled 18 key approvals, cutting land use change clearance time from 120 to 45 days, fire NOC from 60 to 21 days, factory plan approvals from 30 to 14 days, and electrical approvals to just 10 days.”
In a competitive landscape, Karnataka is acting decisively to ensure faster decisions, fewer delays, and a truly pro-industry ecosystem, he added.
