Karnataka's Global Investors' Meet in February 2022

The last Invest Karnataka summit was held in 2016

Karnataka’s flagship Global Investors' Meet-Invest Karnataka - will be held in February next year after a gap of five years, the Cabinet decided on Thursday.

The last Global Investors' Meet-Invest Karnataka summit was held in 2016.

Law Minister Basavaraj Bommai said the 3-day Global Investors' Meet will be held on February 9. "It will be held in Palace Grounds in Bengaluru. The Commerce & Industries department has already done a lot of groundwork for the event," he said, briefing reporters.

The government will offer concessions for industries and is in touch with multi-national companies for investment in Karnataka, Bommai added.

The Cabinet also approved a slew of incentives for oxygen manufacturers in Karnataka to ramp up production and storage capabilities as well as address any shortage of medical oxygen.

"There are nine oxygen manufacturing-associated enterprises in Karnataka belonging to six manufacturers, with a manufacturing capacity of 815 metric tonnes and a storage capacity of 5,780 metric tonnes," Bommai explained.

To increase this, the Cabinet approved incentives that include a capital subsidy of 25% of the value of fixed assets (subject to a minimum investment of Rs 10 crore), 100% exemption from electricity duty for three years after commencement of production, Rs 1,000 per metric tonne subsidy on power tariff for oxygen supply to government, 100% stamp duty exemption for registering the unit and loan documents, 100% reimbursement of land conversion fees among others.

Other decisions

In other decisions, the Cabinet recommended the names of 139 convicts to be released for good behaviour. "The governor will have to clear the list before they are released," Bommai said.

A Modified Chronic Assets Resolution Scheme for defaulters of loans borrowed from the Karnataka State Finance Corporation was also approved. The scheme was introduced in 2015 from which around 15,000 loanees benefitted. There are around 2,500 people yet to pay back pending dues for several years and the scheme is expected to help them, Bommai said.

Further, the Cabinet set aside Rs 48 crore for a mobile app-based crop survey system for the 2022 Kharif season.