Make in India: Karnataka to give clearance to Rs 1.33 lakh crore projects by May

Bengaluru :The Karnataka government has given the go-ahead to projects worth Rs 1.75 lakh crore and is working on giving clearances to additional Rs 1.33 lakh crore investments by May this year.

With this, the total amount of investment made into the state is expected to be Rs 3.08 lakh crore.

“Even before the Karnataka investment meet took place early this month in Bengaluru, we had already cleared projects valued at Rs 1.75 lakh crore,” Karnataka minister for large & medium industries and tourism, RV Deshpande told PTI today on the sidelines of the Make in India (MII) Week here.

“Now we are working on clearance of additional projects valued at Rs 1.33 lakh crore, MoUs for which were reached between the state government and industries during the investment meet on February 3-5,” Deshpande added.

According to the minister, the investments have come in from sectors like textile, agro processing, pharmaceuticals, solar power, among others.

“I have asked my ministry to clear all the remaining projects pending with the state government by May 15,” he said.

Meanwhile, the Karnataka government has also planned to set up three industrial parks with Centre’s support.

“We are looking at setting up three industrial parks with the support of Centre,” Deshpande said.

“While the first park would be set up with support of chemical and fertiliser ministry, the second would be set up for Taiwanese investors in machine and tools and the third will come up for pharmaceutical industry,” he added.

The state government is also planning to set up a R&D centre for plastics industry in Bengaluru, he added.

Giving details of the MoUs signed during the ongoing MII Week, Karnataka industry secretary Ratna Prabha said:”We have reached an MoU with a French tidal wave energy major Tar Kovacs Systems which plans to invest Euro 300 million in setting up of a renewable energy plant in the state”.

Moreover, IKEA has signed an MoU with the state government for setting up four stores across Karnataka in future, she added.