Karnataka eyes over 1.3 lakh crore from global investors meet https://indianexpress.com/article/business/economy/karnataka-eyes-over-1-3-lakh-crore-from-global-investors-meet/

Karnataka eyes over 1.3 lakh crore from global investors meet 

The Siddaramaiah-led Congress government is looking to attract a conservative number of 116 investments worth over Rs 1.30 lakh crore — which is the value of investments attracted in the last two years by the state government.

A global investors meet (GIM) is set to kick-off in Bengaluru on Wednesday with the Congress government in the state hoping to pull in more industrial investments as against the earlier two editions of Karnataka GIMs.

The Siddaramaiah-led Congress government is looking to attract a conservative number of 116 investments worth over Rs 1.30 lakh crore — which is the value of investments attracted in the last two years by the state government.

The previous editions, in 2010 and 2012, claimed of attracting nearly Rs 4 lakh crore worth of investments through almost 400 projects while actually delivering only around 75 which were worth less than Rs 1 lakh crore. Major investment hopes, especially in the steel sector, that arose following the signing of MoUs with companies like Arcelor Mittal and South Korean steel giants Posco have fizzled out over the years due to various problems.

“We are expecting to attract double the investment received so far,’’ chief minister Siddaramaiah said. Karnataka would by 2018 achieve 12 per cent industrial growth, Rs 5 lakh crore investment and will generate 15 lakh jobs, he said. Over 100 top global and Indian business leaders are expected to take part in the meet.