Karnataka tops in investment proposals till October

Karnataka on top in investment proposals in till October in 2020

The state had seen its previous high in 2016, when it received Rs 1.54 lakh crore worth investment proposals

Karnataka got maximum number of investment proposals in 2020.

Karnataka garnered Rs 1.55 lakh crore worth investment proposals till October this year amid the pandemic, a new high for the state as it reclaimed the top slot from Gujarat which had knocked it off the perch last year.

The state received Rs 42,896 crore worth proposals in 2020.

The investment proposals received by Karnataka make up 41% of the national numbers in 2020, according to data available with the Department for Promotion of Industry and Internal Trade (DPIIT).

The state had seen its previous high in 2016, when it received Rs 1.54 lakh crore worth investment proposals. 

While Karnataka saw its proposals shoot up 154% in the first 10 months of 2020 over the comparable period last year, the national numbers witnessed a 11.9% drop during the same period.

Officials in the state government attributed the surge in investments to changes in the industrial policy.

“We have made it easier to acquire land for investors. Also, we have facilitated more ease of doing business. And that is what is being reflected in the numbers,” an official from the state industrial department told DH.  

The investment proposals received this year will give a boost to the Karnataka government’s ambitions on the investment front over the next five years.

In July, the state Cabinet had cleared the New Industrial Policy 2020-25 that aims to attract Rs 5 lakh crore worth of investments over the next five years and create about 2 million jobs.