Karnataka : On a high growth trajectory

Karnataka : On a high growth trajectory

It is well known that the IT capital of India, Karnataka, is the undisputed leader in IT industry sector in India.

However Karnataka has claims to many other important accomplishments too, such as being ranked 4th largest in Industrial Output, having the 4th largest Workforce in the country , ranking 4th in terms of cumulative FDI ( USD 17 Billion from the year 2000 to 2015), etc.,

Bengaluru, the capital of Karnataka State, has the distinction of being called Silicon Valley of India, Start Up Capital of India and also it is noteworthy to mention the city has the highest number of women run Startups in the country. All indicating a healthy entrepreneurial eco system which is required to make our dream come true of being a truly world class innovation and knowledge hub.

With an enviable national GDP and a stable economic climate, Karnataka is an ideal destination of any investor with a long term growth strategy.

The present Chief Minister of Karnataka, Shri. Siddaramiah, with the completion of two years in office, is planning ahead by concentrating on strengthening infrastructure in the state. He said that the state will establish 4 National Investment and Manufacturing Zones ( NIMZ) as per the Government of India’s National Manufacturing Policy. The government has already acquired 3,598 acres of land required for the project, which is being assisted by the Japan International Co-operation Agency (JICA). He has set up and is the Chairperson of a State High Level Clearance Committee (SHLCC). This committee has approved over 87 projects over the past three years, paving the way for creating over 1,63,043 jobs in the various districts of Karnataka and an estimated investment of Rs 92,851 crores. Besides this, the State Level Single Window Clearance Committee (SLSWCC) which is an initiative of the state government to facilitate investments without facing unwanted hurdles and bottlenecks, has cleared around 352 projects over the past three years. Once these projects are in full swing, they would be providing immense employment potentials for almost Eighty Thousand people from various parts of the state.

Karnataka is home to several large industries and PSU’s. The Karnataka government has cleared several more mega projects that are capable of bringing in large investments and employment opportunities to the state. With the ease of doing business and an abundance of talent pool, Karnataka has welcomed projects by Hindustan Aeronauticals Limited worth Rs 4990 crore with an employment capability of 3000 persons. Again, International Aerospace manufacturing Pvt. Ltd, a joint venture between Rolls- Royce and Hindustan Aeronautics Limited has drawn an investment of Rs 207 crores . The district of Bellary has attracted the Sesa Sterlite Limited to invest Rs 33,692 crores and employ almost 2750 people. Mysore district has got a commitment from Asian Paints Ltd to set up their facility with around 900 people and an investment of Rs 2300 crores. Another company, Sandur Manganese and Iron Ore Ltd also plans to make an investment of Rs 6303 crores in the state which would attract around 2530 employees. Another Japanese company, Cataler India Auto Parts Pvt Ltd., plans to make an investment of Rs 105 crores in Bengaluru providing more opportunities for employment. Several more companies have expressed interest in investing in Karnataka. The investor friendly policies of a pro-active government, hurdle free project clearance together with a peaceful industrial environment, outstanding human capital and hospitable climate have ensured that the state is suitable for every major potential global investor. The State aspires to be a leading state in every aspect. This is supported by the seriousness with which industry and investor friendly initiatives are being implemented such as holding the distinction for framing the 1st Aerospace Policy and the 1st Semi Conductor Policy in the country.

Karnataka- is truly a land of unlimited business capabilities and opportunities. Come, be a part of our growth story.

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