361 MoUs signed at GIM; Rs 4 Lac cr investment mopped up
by Gabriel Vaz
Daijiworld Media Network
BANGALORE, JUN 4: As the curtains came down on the Global Investors’ Meet, Karnataka notched up a record investment of Rs 4 Lac crore with the signing of 361 Memoranda of Understanding (MoUs) in a wide and diverse range of sectors from aerospace to textiles, steel, cement, power, food processing, tourism, health to infrastructure promsing to provide direct employment opportunities to a record 8.9 Lac persons and indirect employment to another 2 Lac persons
Even as the Karnataka Chief Minister B S Yeddyurappa and his dynamic large and medium industries minister Murugesh R Nirani, who led from the front in ensuring the success of GIM, were rightly basking in the glory at their achievement, the state government received assurances of full support from the Centre. If Union Law Minister Veerappa Moily and Union Food Processing Minister Subodh Kant Sahai expressed their support at the inaugural function on Thursday, it was the turn of Union Labour Minister Mallikarjuna Kharge to promise all help from the Centre at the valedictory function on Friday.
The Chief Minister, in his valedictory address, made it clear that the signing of MoUs or the total volume of investments generated was only a first step in the long journey in the path of Karnataka’s industrial progress. ``A new era of industrial revolution of Karnataka has begun,” he said.
"The Government would not spare any efforts in keeping its promises to the investors or meeting the deadlines. While the chief secretary and he himself will be regularly reviewing the progress in the implementation of the project, the commerce and industry department will be doing its own follow-up measures,” he said promising that the Government would take every possible steps to cut red-tapism and procedural bottlenecks.
"If you grow and prosper, Karnataka will also benefit because the success and prosperity of the industry would lead to the State’s prosperity. Karnataka’s progress lies in your progress,” he said pointing out that the industrial growth would lead all round development of the state and help the government in continuing with its programme of inclusive growth and the development of the agriculture sector.
Union Labour Minister Mallikarjuna Kharge, in his valedictory address, complimented the Yeddyurappa regime for its pro-active approach and industry-friendly policies and made it clear that it was imperative to build and improve existing infrastructure, roads and highways, develop the power sector and strengthen the resources like irrigation.
``There are no short-cuts in this approach and unless we put all this relevant infrastructure in place, we cannot think that an investor will have confidence to come and set up industry in the state,” he said while pointing out that investors should always bear in mind that sharing of global wealth was not exploitation of the less fortunate sections of people or countries. Inclusive growth
Kharge said the pragmatic and industry-friendly policies of the first Prime Minister Jawaharlal Nehru, while laying the foundation of modern India, in encouraging public sector and infrastructure projects in irrigation, power and steel sectors in the public, joint, cooperative and private sectors and followed by successive governments had largely insulated India from the evil effects of global economic meltdown. The Government realizes that it was important to have regulatory bodies that can instill confidence in the public and industry. ``The objective is not to over regulate but to simplify and strengthen laws in order to create a more conducive investment environment,” he said.
It was necessary to focus on upgrading the skills of labour force and all other stake-holders in the present context of liberalization, globalization and changed economic scenario, he said pointing out that over 400 institutes were being upgraded with World Bank assistance and another 1,396 institutes through public-private partnership. ``By 2022, India will create 500 million skilled workers under the scheme,” he said calling for industry should join hands with the government on the public-private partnership model.
Dr K V Raju, economic advisor to the Chief Minister, in his over-view on the entire GIM exercise said the tremendous response from the industry and investors had given a big boost to the government. While a total of 361 MoUs involving a total investment of Rs 4 Lac crore were signed during the two days of GIM, he said as many as 66 companies came forward to sign MoUs during the last two days with Rs 50,000 crore investment.
``A new era of industrial development has begun in the State,” said Karnataka’s large and medium industry minister Murugesh R Nirani, pointing out that the State will reap rich dividends. ``Development of all-round economic activities, new employment generation and infrastructure facilities will happen throughout the State. The GIM will generate additional revenue to the state exchequer and will be an important milestone in Karnataka’s developmental history,” he added.