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Cabinet nod to host Invest Karnataka summit in February 2025

The Cabinet also decided to hire consultancy major Boston Consulting Group (BCG) again as the government's knowledge partner for investment attraction.
Last Updated : 13 June 2024, 16:22 IST

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Bengaluru: The government's flagship Invest Karnataka summit will be held in February 2025, the Cabinet decided on Thursday.

The biennial event was last held in 2022. The then Basavaraj Bommai-led BJP government bagged investment proposals worth Rs 9.8 lakh crore.

"It has been decided to hold the Invest Karnataka summit from February 12 to 14, 2025, at Palace Grounds," Law & Parliamentary Affairs Minister H K Patil said, briefing reporters. "Earlier, the government had sanctioned Rs 75 crore for the event. An additional Rs 15 crore has been approved now," he added.

The Cabinet also decided to hire consultancy major Boston Consulting Group (BCG) again as the government's knowledge partner for investment attraction.

"The Commerce & Industries department had invited a tender. As per that, BCG India Pvt Ltd has been selected at a cost of Rs 21 crore (including GST)," Patil said.

In 2020, BCG was roped in as the government's knowledge partner to woo investors when the BJP was in power. Its fee at the time was Rs 12 crore. In 2021, BCG got a renewal at the same fee.

Patil said that earlier, BCG was hired without a tender process. "That's why there were complaints and discussions. But this time, we called for a tender," he said. The minister further admitted that BCG was the only bidder in the tender.

"The BCG will guide the government, persuade investors and prepare proposals," Patil said. "They're not mere event managers. They're to see that the object of the summit finds success. We'll get the benefit of lots of investments," he said, adding that the knowledge partner helps the government make the Invest Karnataka summit "meaningful and fruitful."

According to a senior officer in the government, tenders were called twice. On both occasions, BCG was the sole bidder. "And, their performance has been good," the officer claimed.

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Published 13 June 2024, 16:22 IST

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