K'taka inks MoUs for investments worth around Rs 10 lakh crore
Bengaluru, Nov 4: Karnataka has signed Memoranda of Understanding (MoUs) for investments worth nearly Rs 10 lakh crore, during the three-day Global Investors' Meet (GIM) - 'Invest Karnataka 2022', which concluded here on Friday.
Over Rs 2 lakh crore of these investment proposals, are said to be in the green energy sector.
"Investments (proposals) have come beyond our expectations...we are a very serious government and want serious investors...these MoUs are just an indicator. How much of these MoUs gets converted into investments is important," Chief Minister Basavaraj Bommai said addressing the valedictory function of GIM.
Stating that of the total MoUs worth Rs 9.8 lakh crore so far, projects worth Rs 2.83 lakh crore have been cleared already, which is 29 per cent realisation, he said, "We had actually expected investment (proposals) of Rs 5 lakh crore, but it has now come up to nearly Rs 10 lakh crore."
"I have given the timeline to the Industries Secretary that in next three months, all the MoUs should be decided, either they are on board or not. I want to give a report to my people and legislature after three months that so much was signed and so much has been realised into investment," he said, adding that all the niche areas have been covered for investments.
Industries Minister Murugesh Nirani, Power Minister Sunil Kumar, Union Minister of State for New and Renewable Energy Bhagwanth Khuba, top officials of the state government, and industry representatives were present at the event.
Noting that his government means business, the Chief Minister claiming to be candid, said what the administration is looking for is "genuine investors".
"I don't want guys, who get all the clearances from the government and try to market it in the stock market. No, we are not for that," he said.
He further listed out that in the first GIM in way back in 2000, MoUs for investments worth Rs 27,057 crore were signed, but only 44 per cent of it -- Rs 12,000 crore was invested.
In 2010, Rs 3,94,768 crore worth MoUs were signed, but only 14 per cent was realised, he said, adding that Rs 6,77,158 crore worth MoUs were inked in 2012 but only 8 per cent was realised; and in 2016, Rs 3,00,500 crore investment was promised, but only 15 per cent of it materialised.
"I dont want to repeat this. No government will reveal these figures, but I want to bring transparency and I want to be honest to people and investors," Bommai added.
Minister Nirani, in his address, said out of nearly Rs 10 lakh crore worth investment MoUs signed, more than 70 per cent are for "beyond Bengaluru".
He said the GIM hereon will be held every alternate year, and the next one will be in January 2025.
Minister Sunil Kumar said, in this GIM, about Rs 2 lakh crore worth investment proposals have come in the green energy sector, and his department is making all preparations for this large-scale investment to be realised and for possible power generation from it.
'Invest Karnataka-2022' is said to be the first such major investors conclave to meet in the country after the COVID-19 pandemic.
This investment summit is much more important than the previous ones, the Chief Minister said, adding that this was an extraordinary effort, during extraordinarily challenging times, amid recession, fear of inflation, and economic/financial crisis across the globe.
At a time when several developed countries that are economic powerhouses have been facing hard times, Karnataka in India "dared" to hold this conclave, he said, as he credited the trust reposed by the investors, strength of the people here, technology-driven industries, skilled manpower, a forward looking government and its policies, for it.
"With these kinds of assets -- what Karnataka thinks today, India thinks tomorrow," he quipped.
Speaking about the renewable or green energy sectors, Bommai said, "Proposals on hydrogen fuels, green ammonia, have already come and we have cleared in the state-level committee, and I'm sure we are going to compete with Gulf countries, as to who will produce it first."
"I want us to produce (green hydrogen) first. Of course, they (Gulf nations) have better infrastructure, but we have strong resolve and determination and we are at it. I want to see first renewable energy in hydrogen, will start breaking ground by February-March. That's our target," he said.
Highlighting that investment-friendly infrastructure is readily available beyond Bengaluru, the Chief Minister said there are more than 50,000 acres of land bank from across the state, airports are getting opened this year in Shivamogga, Vijayapura and in Karwar, besides 6,000 kms of national highway are getting ready.
He also said that Bengaluru, which is already renowned as a major IT hub, is now emerging as a financial centre, and very soon it will emerge as the number one in this space.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rajnath Singh chairs IGoM meet, urges constant vigil over West Asia crisis
New Delhi (PTI): Defence Minister Rajnath Singh on Thursday emphasised the need for round-the-clock monitoring of the West Asia conflict and called for a calibrated response to deal with any eventuality to ensure that national interests remain protected.
Singh made the comments while chairing a high-level meeting of the Informal Group of Ministers (IGoM) set-up to monitor the situation in West Asia.
The meeting was attended by External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Oil Minister Hardeep Singh Puri, Power Minister Manohar Lal, Chemicals and Fertilizers Minister J P Nadda, Consumer Affairs Minister Prahlad Joshi and Minister of Railways, Information and Broadcasting, Electronics and Information Technology Ashwini Vaishnaw.
In view of the "uncertain situation", the defence minister underlined the importance of round-the-clock monitoring of the situation and the need to respond in a calibrated manner to deal with any eventuality, an official readout said.
He stressed on the need to leave no stone unturned to ensure that the people of the country face the minimum effect of the conflict, it said.
It was the second meeting of the IGoM after it was set up last month.
The IGoM was apprised of the measures being taken by the government in the wake of the ongoing West Asia conflict, Singh said on social media.
"We also deliberated upon the next steps to be taken by the government to mitigate any adverse impact arising due to the ongoing conflict," he said.
The defence ministry said in the readout said, "In the meeting, the seven empowered groups of secretaries briefed the IGoM on the steps being taken to tackle the situation."
"The IGoM was apprised about measures undertaken by the Ministry of Finance to address concerns arising due to global trade disruptions and provide relief and support to the industry, especially manufacturing, and bolster investor confidence," it said.
It listed measures including notification issued on Wednesday on full customs duty exemption on 40 critical petrochemical products till June 30.
The ministry also mentioned announcement of a special one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs duty rates to be effective from April 1 to March 31.
It also noted another notification issued by the Department of Revenue clarifying that the provisions of GAAR (General Anti Avoidance Rules) will not be invoked in respect of investments made prior to April 1, 2017.
"These measures will reduce cost pressures on downstream sectors including textiles, packaging and pharmaceuticals, facilitate supply stability in the country and provide requisite clarity for investors contemplating investments in India," the readout said.
Defence Minister Singh appreciated the government's decision to impose a 25 per cent cap on the monthly increase in aviation turbine fuel prices for domestic operations, with effect from April 1.
This step will help protect the people from sudden increase in fares, he said.
The government has accorded highest priority to domestic LPG supply, with refinery production enhanced to fully meet consumption requirements, according to the readout.
"The IGoM was informed that there have been no reports of dry-out at LPG distributorships, and delivery of domestic LPG (liquefied petroleum gas) cylinders continues as per the normal schedule. The temporary supply concerns arose due to instances of hoarding and black marketing, which triggered panic buying in certain areas," it said.
The ministers were informed that strict enforcement action is being undertaken, with raids being carried out across multiple states and Union territories to curb hoarding and black marketing of LPG, the ministry said in the readout.
Action has also been taken against some LPG distributors who engaged in malpractices, it said.
"To support migrant labour and low-consumption households, the government is ensuring adequate availability of 5 kg free trade LPG cylinders, and since March 23, over 4.3 lakh such cylinders have been sold. Special focus is being given to states where demand is higher," it said.
The IGoM was apprised that industrial requirements dependent on commercial LPG are being met, with over 80 per cent of pre-crisis supply levels being maintained to ensure continuity of operations.
"Special meetings have been held with ministries and stakeholders of different industries to understand their demand and meet their needs. Oil PSUs are ensuring continued supply of Auto LPG across the country," the readout noted.
"However, some supply constraints are being faced by private operators due to their procurement challenges, which is why lines are being observed at PSU auto LPG pumps. Wherever the autos are dual feed and can use petrol, they are being encouraged to use petrol," it said.
