The state government will not conduct the Global Investors’ Meet (GIM) this year, but would instead give impetus to micro-, small- and medium-scale industries in Karnataka, Large and Medium Industries Minister R V Deshpande has said.

Speaking to journalists at the inauguration of Tata Hitachi Operators Training Centre here on Friday, he said that on Chief Minister Siddaramaiah’s suggestion, the MSME Investors’ Meet would be held in Bengaluru in October.

At Invest Karnataka, the last GIM held in February 2016, there were proposals worth
Rs 1.77 lakh crore, and more than 1,080 new projects were approved by the government. Half of the approved projects have become operational while 46% would become operational in a couple of years. Just 4% of companies have withdrawn their proposals, Deshpande said.

Speaking of the GST, the minister said Karnataka had welcomed the decision to roll out the path-breaking tax legislation from July 1 onwards. Agriculture Minister Krishna Byre Gowda would represent Karnataka at a meeting called by the Centre in New Delhi. Karnataka has urged the Centre to reduce the tax on hybrid vehicles, farm equipment and spare parts of tractors to help farmers, he said.

According to Deshpande, tax collection in the state rose by 14% in April and May. The Centre has promised to make good any shortfall in tax receipts once GST comes into force, he added.
DH News Service