'We've freed our investors from red tapism....', says PM Narendra Modi at Invest Karnataka 2022 Summit

New Delhi: Prime Minister Narendra Modi on Wednesday said that 'Brand Bengaluru’ comes foremost to the mind when it comes to talent or technology and added that Invest Karnataka 2022 is a perfect example of competitive and cooperative federalism. Addressing the inaugural function of `Invest Karnataka 2022`- a three-day programme from November 2-4 in Bengaluru, via video conferencing, the Prime Minister said, "It's that place where there is both tradition and technology. It's that place where there is a unique confluence of nature and culture. When we talk of talent and technology, the first thing that comes to mind is the brand Bengaluru." 

Notably, the summit is aimed at attracting prospective investors and setting up development agenda for the next decade. It will have more than 80 speaker sessions, where some of the top industry leaders, including Kumar Mangalam Birla, Sajjan Jindal, and Vikram Kirloskar among distinguished speakers.

PM Modi said, "Although it's a time of global crisis, economists and experts across the world are describing India as a bright spot. We continue to work on our fundamentals to strengthen our economy. The free trade deals that have been signed give the world a glimpse of our preparedness."

Although it's a time of global crisis, economists & experts across the world are describing India as a bright spot. We continue to work on our fundamentals to strengthen our economy. The free trade deals that have been signed give the world a glimpse of our preparedness: PM Modi pic.twitter.com/NF7l50qn2b — ANI (@ANI) November 2, 2022

"We've freed our investors from red tapism and given them a red carpet of opportunities. We have encouraged investments in various sectors that were earlier closed to private investments such as defence, drones, space and geospatial mapping," PM Modi said at Invest Karnataka 2022 Summit.

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According to to read an official statement by the PMO, along with it a number of business exhibitions with more than three hundred exhibitors, and country sessions would run parallelly. The country sessions would each be hosted by the partner countries - France, Germany, Netherlands, South Korea, Japan, and Australia - which would be bringing in high-level ministerial and industrial delegations from their respective countries, it said.

The global scale of the event is expected to give Karnataka an opportunity to showcase its culture to the world as well. Talking to reporters on Tuesday after inspecting the arrangements for the three-day meet at Palace Ground in Bengaluru, Karnataka CM said the `Invest Karnataka` is going to grab the attention of the whole world.

According to Karnataka's chief minister, global investments are coming to Karnataka as the state has a rich atmosphere, adding "This will put a strong foundation for the development of Karnataka in the next five years. It is a most important meet and all technocrats, young engineers, IT/BT experts, startups, educational institutions and global and domestic investors are welcome to Bengaluru.

"We are expecting over Rs 5 lakh crore investment and the State High-level Committee has already given clearance for investment over Rs 2.8 lakh crore. This is our commitment to our investors and we are going to distribute the certificate of investment tomorrow. We will sign an agreement with new investors and give all the clearances in the next few days. The State of Karnataka is making a big leap in the industrial sector and it will be evident in tomorrow`s (Wednesday) meet," CM Bommai said.

"Most of the investors have shown interest for investment beyond Bengaluru, and new industries are coming up in Ramanagar, Hubballi-Dharwad, Ballari, Kalaburagi and Mysuru, he said, adding "We are expecting over Rs 5 lakh crore investment and the State High-level Committee has already given clearance for investment over Rs 2.8 lakh crore. This is our commitment to our investors and we are going to distribute the certificate of investment. We will sign an agreement with new investors and give all the clearances in the next few days. The State of Karnataka is making a big leap in the industrial sector and it will be evident in tomorrow`s meet."

Last week, the FMCG Cluster to come up in Dharwad was inaugurated in Hubballi and expected an investment of Rs 10,000 crore. It is going to provide employment to over one lakh people. The textile park will come up in Kalaburagi, Vijayapura and Raichur districts; Pharma Park in Yadgir; Electronic Park in Mysuru and Defence production unit in Tumkur.

(With ANI Inputs)