Two years after GIM Karnataka gets less than 6% investment

More than two years after it held a Global Investors Meet (GIM) where 389 projects worth Rs 3.92 lakh crore were cleared, the actual investment flow into Karnataka so far has been less than six per cent.

According to figures given by Large and Medium Industries Minister Murugesh R Nirani in the Legislative Assembly today on GIM 2010 held in June of that year, only 40 projects with an investment of Rs 21,178 crore have so far been implemented.

Also, only 24,525 jobs have been generated as against the projected employment of 7.3 lakh, while 2218 acres of land have been alloted as against the requirement of more than 77,500 acres.

Nirani gave the figures in reply to questions raised by T B Jayachandra, H C Mahadevappa, Dinesh Gundu Rao, Ramalinga Reddy and U T Khadar (all Congress) and Suresh Gowda (BJP).

He said during GIM-2012 held in June this year, Memorandum of Understanding (MoU), Expression of Interest (EoI) and Registration of Interest (RoI) were entered into with 751 companies, who have shown interest to invest about Rs 7.2 lakh crore.

"Out of the investors who have shown interest, 61 projects involve foreign investment of about Rs 69,279 crore", he said.

He said land required for 246 projects (751 companies) cleared at GIM-2012 is 63,569 acres.

"Timeline fixed for implementing the projects will be initally for a period of two years and extendable for a further period depending upon the time required by each project and projects being implemented by the project proponents", Nirani said.

Stating that the state government is continuously reviewing implementation of proposals signed in GIM-2010 and GIM-2012, the Minister said an online module is being developed to monitor and facilitate these projects.

According to him, expenditure for GIM-2010 was Rs 32.73 crore. With regard to GIM-2012, payment to the extent of Rs 16.31 crore has been made as of last month-end, and bills for another Rs 18 crore are under scrutiny.