USIBC, TiE and AKKA at New York


“Karnataka’s economy will grow above national average this year”

Sri. RV Deshpande, Minister for Large & Medium Industries addressed members of US India Business Council, members of TiE and Association of Kannada Kootas of America (AKKA), at three different locations in New York today and strongly pitched for inward investments into Karnataka. Government of Karnataka signs an Expression of Interest with M/s Reitzel”

In his address he highlighted the several steps being taken by Government of India on ease of business, physical and digital infrastructure and taxation. He specifically spoke of the steps initiated by Government of Karnataka to decongest Bengaluru and disperse industry to tier 2 and tier 3 cities. Government of Karnataka signed an agreement with M/S Reitzel Group for expansion of the company’s existing Gherkin production plant at Kunigal, Tumakuru District in Karnataka, in the presence of Mr. RV Deshpande, Minister for Large & Medium Industries and Tourism at Paris this morning. Mr. Gaurav Gupta, Commissioner for Industrial Development and Director, Department of Industries and Commerce signed the agreement on behalf of the Government while Mr. Pierre B Darmon, Deputy CEO, Reitzel signed the same on behalf of Reitzel.

According to a recent survey, the Indian economy grew at 7.4% this fiscal against 7% in the previous fiscal making it the fastest growing global economy. Against this, the minister said that Karnataka is expected to grow at 7.6% this year, outpacing the national average.

Mr. Deshpande is leading a high level delegation to USA and France as a precursor to Invest Karnataka 2016 Global Investors Meet scheduled at Bengaluru in February next year. Minister Deshpande also held several B2G meetings over 2 days with potential and existing investors.

Government signed a Letter of Intent with M/S Titron Solar LLC, USA for manufacturing solar panels in Karnataka with an investment of US$ 100 million (INR 600 Crores).

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