Karnataka to invest Rs 5 lakh crore to create 15 lakh jobs

The Karnataka government is targeting to create about 15 lakh jobs and investments of Rs 5 lakh crore in the next five years, Commissioner (Industrial Development & Directorate of Industrial & Commerce), Karnataka government, Gaurav Gupta, said. 

Addressing delegates at the valedictory session of the Confederation of Indian Industry’s (CII) 7th Annual Manufacturing Conference 2014  on Saturday, Gupta said that the new Karnataka Industrial Policy 2014-19 has been brought out with the single aim of making Karnataka an investor-friendly and manufacturing-intensive state. “Only manufacturing can help in dramatically increasing economic activity leading to faster economic growth in the state,” Gupta said. 

He said that the government is committed to the establishment of industrial corridors – Chennai-Bangalore-Chitradurga Industrial Corridor (CBIC) and Bangalore-Mumbai Economic Corridor (BMEC), and also exploring the possibility of setting up further industrial corridors, titled State Industrial Corridors (SICs) for integrating backward districts into the economy. Gupta said the state government also envisages setting up technology development centres, in association with the Ministry of Micro, Small and Medium Enterprises (MSME),
 Government of India, in all four National Investment and Manufacturing Zones (NIMZ) in the state, in order to extend technical support to MSME industries. The state government is in the process of setting up a Technology Development Fund of Rs 100 crore to assist in R&D for MSMEs through research institutions, industrial associations and other partnerships.