The Karnataka government plans to announce an “industry- and investor-friendly” comprehensive industrial policy (2020) in the upcoming budget session of the State legislature. The term of the previous industrial policy expired last year.
Addressing presspersons after his return from World Economic Forum (WEF) at Davos, Chief Minister B.S. Yediyurappa said he had promised investors that hurdles for investments in Karnataka would be removed. He met about 40 investors at the WEF with his team of Ministers and officers.
“As per their demand, we will rectify all administrative problems within a month or two and legal problems in the next couple of months by amending existing laws,” said Mr. Yediyurappa. Investors had some doubts and apprehensions to the “cumbersome procedures” in starting their units and he had assured them of solving their problems related to infrastructure and land, Mr. Yediyurappa added.
The visit to Davos assumed significance since Karnataka has decided to hold the Global Investors Meet in Bengaluru in November 2020.
The Chief Minister, flanked by Large- and Medium-scale Industries Minister Jagadish Shettar, said that about 12,000 acres of land was readily available for investors in the State.
Admitting that it was difficult to predict inflow of investments right now, Mr. Yediyurappa said, “When we began our tour, we were slightly sceptical about its outcome, but it would go a long way in Karnataka’s development.”
The Chief Minister said the most significant agreement during his Davos visit was with WEF managing director Murat Sonmez on establishing a “Centre for Internet Ethical Things” which would go a long way in inviting investments in the service and IT/biotechnology sectors.
Highlighting the other developments, he said that while Lulu Group’s investment would help farmers in developing food transport chain, Novo Nordisk would invest in health sector (diabetics).
