Prime Minister Narendra Modi will open a meeting of global investors in Bangalore in November this year, Minister for Medium and Heavy Industries Murugesh Nirani said in Belagavi on Wednesday.
“We expect at least 100 of the Fortune 500 companies to participate in the meeting. To attract more investors, we are planning to organize roadshows in several countries,” said Mr. Nirani.
He was speaking to reporters ahead of a meeting with officials about the “Be an Entrepreneur, Provide Employment” trade fair scheduled at the Visvesvaraya University of Technology (VTU) scheduled for Friday.
“As a period prior to the meeting of investors, the State Government will prepare a land bank of at least 50,000 acres. There will be around 1,000 acres in each of the 30 districts and around 20,000 acres around Bangalore. The land will be handed over to interested industrialists,” he said.
He said that he was doing everything possible to attract more investment to the state and to ensure ease of business. “I am an industrialist and I have some knowledge of the sector. I can understand the problems of the industrialists and I will try to solve them,” he said.
He said that the State has the best environment to attract investment. “According to recent reports, 48% of the Foreign Direct Investment (FDI) in the country is in Karnataka. All other states have a share of the remaining 52%,” he said.
“We also have pro-investment policies, such as a semiconductor policy and the expansion of the aerospace and defense park near Devanahalli,” he said.
He said trade at the recent international gem and jewelery expo had exceeded Rs 56,000 crore at 3,500 stalls, without much publicity. “This was the first exhibition of this type since Independence,” said the Minister.
He said special measures are being taken to help more Scheduled Caste and Tribe entrepreneurs set up their industries. “We are giving about two acres of land with a 75% subsidy to Scheduled Caste and Tribe entrepreneurs. We are also providing easy loans, land, and mentoring to unemployed youth who want to set up industries,” she said.
In addition to conferences of successful entrepreneurs and stakeholders, the “Be an Entrepreneur, Provide Employment” trade fair will also have a grievance redress meeting. “It’s part of the ‘Our government at the gates of the industrialists’ approach. We will try to find solutions on the ground to the problems of the industrialists,” he said.
“The State Government will open a third office of Marketing Communication and Advertising Limited, in Noida. It was to have been inaugurated on Tuesday, but the Chief Minister and other top leaders were delayed in New Delhi. It will be operational soon,” he said.
Mr. Nirani reiterated the demand for an international airport for the North Karnataka region. “The Hubballi and Belagavi airports are domestic. This region should have an international airport if it is to be developed. I am personally talking to some private investors to build and operate an international airport in Kittur, between Hubballi and Belagavi. I am talking to them and they are interested,” he said.
Kittur is the best place for an international airport as it is located on the national highway and not far from the seaport. Kittur is located a short distance from Karwar, where a seaport is being developed in the public-private partnership model, the Minister said.