Karnataka stands 3rd in country with Rs 54,427 cr FDI during 2023-24: CM Siddaramaiah

The Karnataka Chief Minister was delivering his address on the occasion of 78th Independence Day, after hoisting the national flag at the Manekshaw Parade Ground here.

Bengaluru: Chief Minister Siddaramaiah on Thursday said Karnataka stands third in the country by drawing Rs 54,427 crore Foreign Direct Investment (FDI) during 2023-24.

He said the state government has taken up multidimensional programmes in the areas of industry, agriculture, infrastructure development, and education to accelerate economic growth, besides the implementation of welfare programmes.

The Chief Minister was delivering his address on the occasion of 78th Independence Day, after hoisting the national flag at the Manekshaw Parade Ground here.

He noted that MoUs (memorandum of understanding) have been signed with 13 industries, which will bring in investments worth Rs 42,915 crore and is expected to create around 22,600 jobs.

The government has approved 591 investment projects through single window committees during 2023-24, he said adding this will result in a flow of Rs 84,232 crore investment and employment generation for 1,56,986 people. "During 2023-24, our state stood first in exports, with a value of USD 1,66,545 Million. The growth is 5.20 per cent compared to previous year." On the Global Investors’ Meet- Invest Karnataka 2025 to be held in 2025, Siddaramaiah said preparations are in full swing and investors are invited by holding roadshows across the country and the world.

The state government has drafted the Karnataka Clean Mobility Policy 2024-29 aimed at attracting Rs. 50,000 crore investments within the clean mobility vehicle sector and creating approximately one lakh new jobs, he said. The policy is now in its final stage of approval.

In his speech, the Chief Minister further said a 'Skill Advisory Committee' has been established to provide skill training that matches the demand in the IT and BT sectors. "The committee has submitted a detailed plan for courses aligned with industry needs, and steps will be taken to impart these skills." Good infrastructure and transportation connectivity are accelerators for economic growth, he said, in this regard, 1,917 KM of state highways, 2,502 KM of district main roads, and 150 bridges will be constructed in the current year.

Pointing to the government's "Brand Bengaluru" initiative, the CM said it is being implemented to transform the state capital into a world-class city. It is intended to take up long-term infrastructure development plans for the city through innovative Integrated Financial model with at least Rs 48,686 crore.

"Our government has made a strong resolve to implement the Peripheral Ring Road project in an effort to reduce traffic congestion (in Bengaluru)." To expedite the implementation of the state's irrigation projects, Siddaramaiah said a larger budget allocation has been made this time. Under the Yettinahole Project, Rs 855.02 crore has been spent so far this year.

Regarding floods due to monsoon showers in parts of the state, Siddaramaiah said he has personally visited the flood-hit districts and Ministers have also managed the situation by camping in district headquarters. "I have directed officials to provide relief for the loss of human lives, livestock and damaged houses. It has been decided to allocate houses along with Rs. 1.2 lakh compensation for those lost houses." Stressing that maintaining a balance between development and the environment is essential, he said, in this regard, 1,351 villages in 250 Gram Panchayats located in Chikkamagaluru, Dakshina Kannada, Udupi, Uttara Kannada, Kodagu, Shivamogga, and Hassan, within the Western Ghats, have been identified by Geological Survey of India, as prone to landslides.

To prevent landslides in these areas, mitigation measures will be undertaken at a cost of Rs 100 crores in collaboration with the Geological Survey of India and the National Institute of Rock Mechanics (NIRM).

On human-wildlife conflict, the CM said, to address this effectively, the government has initiated the construction of 120 km of railway barricades since it came to power.

"Additionally, 7 elephant task forces and 2 leopard task forces have been established. Recently, an international conference on preventing human-elephant conflicts was successfully held in Bengaluru," he said.