GIM: Highest investment in renewable energy, says Nirani

Green hydrogen and derivatives contributed the second highest with 33% of the total investment

The government will appoint a nodal officer and coordination committees at district level for the implementation of the memorandums of understanding (MoUs) signed at the Global Investors Meet (GIM) held in Bengaluru for three days.

Large and Medium Industries Minister Murugesh Nirani announced this at a news conference in Bengaluru on Saturday. As explained by the minister, the nodal officer and the coordination committees will be responsible for timely and effective implementation of the MoUs.

“The agreements signed in the GIM will be approved in 90 days. For this, there is a high-level committee headed by the chief minister,” said Nirani.

The data provided by the minister shows that the renewable energy sector has received the highest share.

Read | Karnataka crushes GIM goals, signs MoUs worth Rs 10 lakh crore

“As much as 38 per cent of the total investments was contributed by the manufacturing-renewable energy sector,” Nirani said.

Green hydrogen and derivatives contributed the second highest with 33 per cent of the total investment, followed by manufacturing-sunrise sectors and infrastructure/industrial/logistics parks (9 per cent each).

“We are expecting to create six lakh jobs in the state through investments in GIM. The department has made all necessary arrangements for investors in the state and we are even ready to provide skilled labour,” the minister said.

Noting that Karnataka was an investor-friendly state, Nirani said the government would start the process to acquire 50,000 acres of land for the land bank, under which uncultivable land will be acquired from farmers for industrial purpose. Of the 50,000 acres, 20,000 will be in and around Bengaluru. The rest will be in other cities.

Nirani said, in GIM 2022, a majority of the investors opted to invest beyond Bengaluru. “Of the agreements signed with the government, 90 per cent investors are interested to invest outside Bengaluru. We have also convinced them to look at tier-two and three cities. It is a good development,” he said.