Karnataka signs MoU with GoI for Machine Tool Park

 The Government of Karnataka has signed a Memorandum of Understanding (MoU) with the Government of India (GoI) for setting up of Tumkur Machine Tool Park in Vasanthnarasapura.

As per the MoU, both the state government and the central government will be working jointly to develop the Machine Tool Park through a Special Purpose Vehicle, said Industries Minister R V Deshpande. The MoU was signed at the Make in India-Karnataka conference here, organised by Government of Karnataka in association with Department of Industrial Policy and Promotion (DIPP), Government of India and Confederation of Indian Industry (CII).

The two-day conference is aimed at re-energising the industry to create employment and boost the manufacturing sector of the state by attracting more investments. The conference which witnessed participation from ministers and bureaucrats from both the Centre and state government, was inaugurated by Finance Minister Arun Jaitley and Karnataka Chief Minister Siddaramaiah.

Speaking on the occasion, Jaitley thanked the chief minister and the state government for being the most active member in the GST Council.

More than 2,500 delegates from India and abroad participated in the first day of the conference, with over 200 B2B meetings scheduled across different focus sectors.

The conference also witnessed five interactive sectorial sessions on aerospace and defence, biotechnology and pharmaceuticals, textiles, apparel and leather, and heavy engineering and machine tools.