Murugesh Nirani, minister for medium and large industries, said the proposals have a potential to provide employment for 4.83 lakh people.
Setting the tone for the forthcoming Global Investors Meet (GIM) that will be held in Bangalore in June, the state government on Friday cleared investment proposals of Rs35,785 crore, including three Special Economic Zones (SEZs) in Bangalore and Mysore.
Murugesh Nirani, minister for medium and large industries, said the proposals have a potential to provide employment for 4.83 lakh people.
The 27th State High Level Clearance Committee chaired by chief minister DV Sadananda Gowda with ministers Nirani and Raju Gowda held a marathon meeting with business delegates for four hours to clear the projects.
The committee cleared five IT parks, with an investment of `10,184 crore, which will create 4.14 lakh jobs.
`5 lakh cr target
Nirani maintained that the state government has an ambitious target of attracting `5 lakh crore investments in urban development, infrastructure, housing, power, agriculture, tourism, automobile, aerospace engineering and IT/BT to provide employment opportunities to over 10 lakh people.
“Apart from these, the government will conduct road shows in Kolkata, Mumbai, New Delhi, Hyderabad and Chennai. We were successful in attracting more investors to the road show,” Nirani said.
Nirani announced that he, along with a delegation of ministers, will leave on a five-day tour of Japan and Singapore on April 15 (Chief minister Gowda, who was supposed to accompany him, had called it off in the wake of criticism by former chief minister BS Yeddyurappa).
The date of the tour was set three months ago. We are taking this trip to attract more investments, stressed Nirani.
Senior officials too will head the high-level delegation to represent the state in Taiwan and USA and hold talks with the business community there to woo investments, he added.
Throwing light on the previous GIM, minister Nirani explained that about 62% of the projects have taken off and 38% of the projects backtracked due to land problems, recession and Supreme Court’s guidelines. However, 62% of realisation of projects is quite satisfying, he maintained.
No hassles for investors
K Jyothiramalingam, principal secretary, commerce and industries explained that, in an attempt to create a single-window agency for investors, the state government is bringing an amendment to the Felicitation Act.
After holding two rounds of talks, suggestions have been sent to the Law and Parliamentary Board.
To streamline the process, the chief minister had directed the district collector to clear the proposals up to `15 crore, said Nirani.
Likewise, industries minister can now clear projects up to `250 crore; the earlier limit was `50 crore. Projects above `250 crore investments would come to the chief minister’s table, he added.
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