Karnataka to acquire 50,000 acres of land for industries ahead of Global Investors' meet

In an effort to allot land in real quick time to industrialists who come forward to set up industries, the industries will acquire over 50,000 acres of land across the state, Karnataka Large and Medium Industries Minister Murugesh Nirani said on Saturday.

Stressing the importance of land acquisition ahead of the upcoming Global Investors' Meet (GIM) in Bengaluru, Nirani said it is imperative on the part of the government to acquire land for investors.

"Silicon city Bengaluru will host the Global Investors Meet from November 2 to 4 this year. Our department will acquire 50,000 acres of land across the state. We will allot land to industrialists in real quick time and provide world-class facilities including water, power and roads," the minister said.

Setting up more industries will help create more jobs for local people and solve the unemployment problem in the state," Nirani said.

Emphasizing on taking industries beyond Bengaluru, the minister said industries will be promoted in tier 2 and tier 3 cities.

"We will encourage industries in tier 2 and tier 3 cities under the central government's Aatmanirbhar Bharat's scheme. Besides our government will also implement the 'One District One Product' policy soon which will help identify and promote a product in each district," he said.

The industrialists involved in these products can get up to Rs 10 lakh per unit as credit-linked capital subsidy for 35 per cent of project cost," Nirani suggested.

Pointing out another government's initiative to encourage balanced industrialization across the state, Minister mentioned special sops for cluster-based industrial parks.

"We have announced special concessions for each industrial cluster. The toy cluster in Koppal has already started functioning with all the support required for this cluster including social and housing facilities," Nirani added.

The Minister said that the government has prepared the guideline briefing investment opportunities available for investors in the various sectors including automobile, pharmacy, medical equipment, engineering, machineries, knowledge-based industries, logistics, renewable energy, aerospace, defence and electric vehicles.

Nirani highlighted the investor-friendly measures taken by the government to attract investments.

"Implementation of Industrial Policy 2025, Land Reforms Amendment, quick approval of industrial proposals and other measures have created a business-friendly atmosphere and helped attract huge investments in the state. And the country's first semiconductor plant worth USD 3 billion with employment potential for 1500 people would be set up here," he said.

The State government and ISMC signed an agreement last week. The State government had also cleared 10 industrial projects worth Rs 11,513 crore with the potential of creating 46,984 jobs during the 58th State High Level Clearance Committee meeting, the minister added.The minister said that the government is aiming to create more than 2 lakh jobs by attracting huge investments in Tumakuru's Machine Tool Park and Japanese Industrial Township.

Karnataka attracted 42 per cent FDIs and remained the number one state in the country. The state attracted maximum FDIs in the country for two consecutive quarters in the 2021-2022 fiscal.

Huge foreign investments are flowing into the state in aerospace, defence manufacturing, agrotech, fintech, biotech, nanotechnology, electronics, drone technology, hospitality, food processing, hardware and electronic system design and manufacturing sectors.

The state is also at the forefront of research and development and innovations. The state policies, world-class facilities, skilled workforce, technology, investments and the ecosystem are transforming the state into a manufacturing hub, Nirani expressed.

The minister said he is aware of the problems faced by the MSMEs and promised to address them.

( With inputs from ANI )