Global Investors Meet (GIM), is expected to lead to Rs.5 billion (Rs.5 lakh crore) in Karnataka in the next four or five years, began here Thursday with the state to roll out the red carpet for global companies and India Inc.
A galaxy of animal investors led by ArcelorMittal founder Lakshmi Mittal N. attending the meeting, opened by the Bharatiya Janata party leader and leader of opposition in Rajya Sabha Arun Jaitley.
Other leading businessmen in the two-day meeting with the Aditya Birla Group Head Kumaramangalam Birla, Essar Group chairman Sashi Ruia, UB chief Vijay Mallya, former Confedration Indian Industries Chairman Venu Srinivasan, Infosys CEO Kris Gopalakrishnan and Wipro Chairman Azim Premji, Baba Kalyani of Bharat Forge, Sajjan Jindal of Jsw steel.
In his short speech, "said Jaitley there was competition for investment, not only among the states in India, but across the country.
Investments must return a reasonable profit, without which no investor will come forward.Excess will result in state revenues and funds to invest in the social sector for the benefit of the weak, "he said.
Rose Karnataka government to organize the GIM, "said Jaitley:" Karnataka has probably one of the best human resources in the country. It has a reasonable infrastructure, which is converted to international standards. "
Law Minister M. Veerppa Molly opened an exhibition about GIM theme 'Advantage Karnataka - a state of unlimited possibilities. "
The exhibition, which consists of about 20,000 acres, will present the many benefits, incentives, tax incentives and pro-business policies the state government, including a single window clearance, land bank and other facilities for quick implementation of projects.
He said his ministry was working on plans to make India the number one hub for international arbitration.
Chief Minister BS Yeddyurappa had some good news for power-hungry government and potential investors.
"This morning Udupi thermal power plant has begun to generate 55 megawatts of electricity and at the end of this month will go up to 600 MW." Udupi is around 400 km from Bangalore city.
Food Production Minister Subodh Kant Sahai published sector-and district-wise profile mode, which indicates the infrastructure and resources available to different industries in different parts of the state.
Former ISRO chairman K. Kasturirangan launched an interactive website with information on investment opportunities and to resolve complaints on the web.
The GIM twice delayed - once in the face of global economic downturn and the second time after devastating floods in October-November last year in large parts of north Karnataka, has been inspired by the success of Gujarat in snapping up Rs.7 lakh crore ( Rs.7 billion) investment in 2009.
In the run up to the mega event, the state government approved investment proposals worth Rs.3.36 billion (Rs.336, 185 crore), with iron and steel sector takes the lion's share of Rs.2.20 lakh crore (Rs.2.2 trillion), followed by power ( Rs 0.79, 140 crore), IT / BT (Rs.19, 188 crore) and cement (Rs.17, 857 crore).
The first GIM was held in 2000, when the Congress government had attracted global investments worth Rs.27 000 crore (Rs.270 billion).
Beyond the core infrastructure sector, the state government assured of guaranteed investments in the aerospace and automotive industries, agro and food processing and tourism.
The State Industries Department and the Karnataka Udyog Mitra has organized meetings in conjunction with the Association of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry Museum (FICCI) as associate partners.
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