Karnataka Minister M B Patil.
Credit: DH File Photo
Bengaluru: Karnataka’s Minister for Large and Medium Industries M B Patil cautioned on Monday, “Recently, certain investors have been asking for incentives amounting to over 100% of their investment. State government can not and should not provide incentives more than the planned investment. These practices raise concerns on fundamental viability of such projects."
This comes after Lenskart signed a Memorandum of Understanding (MoU) with the Telangana Government on Sunday to set up an eyewear manufacturing facility with an investment of around Rs 1,500 crore.
The facility is expected to create 2,100 jobs in Hyderabad’s Fab City.
Patil continued, “As custodians of taxpayers’ resources, we are committed to making prudent decisions that maximise long-term benefits for both the state and its people. Incentives by a state government are provided only to reduce the burden on investors and increase financial viability of the project.”
He declared that the Karnataka government’s resolve remains to create a fair, transparent, and thriving environment for enterprises.
“The Government of Karnataka, under my leadership as the Industries Minister, has always prioritised fostering a business-friendly environment balanced with responsible fiscal management,” he stated.