Karnataka tops in investment proposals, claims Minister

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Bengaluru, 30 Dec 2020: Karnataka ranked first in the country with investment proposals worth Rs 1,54,937 crore despite the coronavirus pandemic over the last ninemonths, claimed state Industries Minister Jagadish Shettar on Tuesday.


“According to the Department for Promotion of Industry and Internal Trade (DPIIT) of the Union Ministry of Commerce and Industry, 95 investment proposals amounting to Rs 1,54,937 crore have been registered in Karnataka,” said Shettar at a webinar, organised by apex trade body Assocham here.


The state government approved 410 projects with investments worth Rs 82,015 crore between August 2019 and December 2020, within days after the ruling BJP returned to power on July 26, 2019.


“The investment proposals have the potential to generate 2,27,147 jobs across the state,” Shettar told industry captains at the virtual meet on “Procurement of cheaper electricity for industries through open access in Karnataka”.


Asserting that the state was self-reliant in energy, Shettar said demand for power was increasing in sectors like electric vehicles and data centres.


“We are working with state-run Escoms (utility providers) to improve usage of power in the industrial sector, rationalise cross subsidy surcharge and wheeling charges,” said the Minister.


Though the state depends on grids for uninterrupted power supply, it was unable to measure up due to glitches in the distribution network.


“We are considering to build battery storage facility near the grids to overcome the technical glitches in the grid,” added Shettar.



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