Bengaluru, Sep 17 (IANS): A deficit monsoon, power shortage and agrarian crisis have forced the Karnataka government to postpone its Global Investors' Meet (GIM) to February from November, state Industries Minister R.V. Deshpande said on Wednesday.

"As we are facing a severe drought in 136 of the 176 taluks (sub-districts) across the state due to deficit monsoon, we have decided to postpone the GIM to February 3-5 from November 23-25," Deshpande told reporters here.

He, however, denied that the World Bank ranking of Karnataka at ninth position in the ease of doing business in India was also one of the reasons to put off the three-day investors' summit.

With about 400 farmers across the state committing suicide since July due to various factors, including mounting debts, crop failure and non-payment of arrears by sugar mills, the state is in the grip of agrarian crisis, with drought looming large and farm labourers in distress.

"We are hopeful of attracting huge investments from overseas and domestic firms, as the state has investor-friendly policies, incentives and resources," Deshpande said.

The previous two editions of GIMs were held in 2012 and 2010 during the BJP government in the state, with a global agri-business and food processing summit in 2011.