Karnataka starts preparations for GIM 2012

Karnataka starts preparations for GIM 2012

Karnataka starts preparations for GIM 2012

Enthused by its maiden GIM held last year that yielded investment proposals to the tune of Rs 3.92 lakh crore and to further build on its success, the government has drawn up plans for the second GIM.

Chief Minister B S Yeddyurappa, unveiling the plans for the next year's mega event, said his government was aiming to net investment proposals to the tune of Rs 5 lakh crore, which could lead to generation of ten lakh jobs. "GIM 2010 was a grand success. It left a vast impact and confidence among investors. It had the presence of 2,000 companies, 7,580 delegates and witnessed inking of 389 MOUs with a total investment of Rs 3.92 lakh crore," Yeddyurappa said performing "curtain raiser" here for next year's GIM.

Of the 389 MOUs signed last year, 20 projects had already been implemented and 215 were under various stages of implementation, he said. A Vision Group headed by Infosys CEO Krish Gopalakrishnan has been constituted to guide the government on making Karnataka an ideal investment destination, Yeddyurappa said and detailed on the policy initiatives his government has taken to boost the investment climate.

Yeddyurappa said the government would organise an Agri Investors meet this November to attract investments to the tune of Rs 55,000 crore. CII President B Muthuraman said a major economic rebalancing was taking place in the world and it had accelerated after the global recession.

While the economic growth among major countries like USA, major parts of Europe, Japan and South Korea continued to slow down, countries like India, Russia and Brazil were becoming torch bearers, Muthuraman said.

"India has an excellent opportunity as it generates millions of engineers and doctors. The skills of Indians is no less than anywhere in the world. We should encash this potential," he said. "We need to manage land and water well and also skill development issues. India cannot afford to have less than 10 per cent economic growth," he suggested.

Muthuraman also called for the country focusing on value addition and encouraging downstream industries rather than upstream industries to boost growth levels. Toyota Kirloskar Managing Director Hiroshi Nakagawa lauded the favourable investment conditions that existed in Karnataka, where he said his company had already invested Rs 5,000 crore and created numerous jobs.

The GIM would provide an opportunity to Karnataka to make it a competitive state in the country, he said, adding he wished that Karnataka-Chennai and Mumbai grow into an industrial corridor in India. Minister for Higher Education, V S Acharya, released the GIM 2012 Brochure. Minister for Industries Murugesh Nirani and Minister for Power Shobha Karandlaje were present.

Karnataka has entered into MOUs with CII, FICCI, Japanese Chamber of Commerce and Industries, ASSOCHAM, Invest in Bavaria and Federation of Indian Export Organisations for promoting the GIM 2012.