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Karnataka seeks investment from US businesses

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Washington :Highlighting India’s efforts towards ensuring ease of doing business in the country, a delegation from Karnataka has invited American businesses to make investments in the state.

Ahead of the Karnataka Investor Meet in 2016, the delegation led by Minister of Large and Medium Enterprise and Tourism R V Deshpande held road shows in New York and Silicon Valley to seek investments in the state.
In his address, Deshpande highlighted the steps being taken by the Indian Government on ease of doing bus

iness, physical and digital infrastructure and taxation, said a statement issued by US India Business Council (USIBC) which facilitated the meeting with US businesses on both New York and the Silicon Valley.

In his presentations, the minister also spoke of the steps initiated by the state government to decongest Bengaluru and disperse industry to tier 2 and tier 3 cities.

Referring to a recent survey that the Indian economy grew at 7.4 per cent this fiscal year against seven per cent in the previous fiscal year making it the fastest growing global economy, Deshpande said Karnataka is expected to grow at 7.6 per cent this year, outpacing the national average.

“We are proud of what our state has accomplished so far to welcome the most innovative businesses globally. We have already added 2,000 MW of power generation capability, and 360 MNCs have their R&D and innovation centers in the state,” he said.

USIBC president Mukesh Aghi praised Karnataka’s high standards for education and said the Council looks forward to supporting areas where USIBC members can engage in future investments.

“We encourage Karnataka to continue the pro-growth agenda that will encourage entrepreneurship and allow the story of US-Karnataka relations to flourish,” he said.

California-headquartered digital technology solutions and services firm UST Global has its second largest global delivery center in Bengaluru.

“India’s emerging economy is a key constitute of UST’s global success. We have a significant presence in Karnataka and are making the right investments to harness the skills and expertise readily available in the state.

“We are excited about hiring and scaling up our presence in Bengaluru to provide our clients with the next generation of digital services,” said Sajan Pillai, CEO of UST Global.

The event was also attended by a range of USIBC members such as Elite Football League of India, LeClairRyan, ICICI Bank, KPMG, and System Soft Technologies.

PTI