April 13, 2024


Truth Triumphs

Creation of a unique new entity for industrial growth: MB Patil

Bengaluru, Feb. 5: Minister for Heavy and Medium Industries MB Patil has initiated consultation meetings about creating a new full-fledged entry to attract continuous industrial investment to the state and promote reinvestment from existing industries.

On Monday, the Minister viewed demonstrations prepared by the Rajaneeti and the Boston Consultancy Group. This initiative will be taken to the next level in the coming days,’ said the Minister.

Meanwhile, the models of many countries, including Singapore, Taiwan, Vietnam, Chile and South Korea, have been thoroughly studied, he stated. ‘Invest Chile’ initiative adopted by Chile has been very interesting, he added.

Even though the state is leading in attracting investment it needs to maintain the same in garnering reinvestment from the existing players, he remarked.

Intending to focus on attracting new investments, an IAS officer will be appointed as the CEO of the proposed entity, and the stalwarts of private enterprises will also be hired on a contract basis on a full-time basis. Overall, it will function as a global standard entity, Patil explained.

Efficient committees at the levels of officers, commissioners, secretaries, ministers and chief ministers need to be formed for the growth of enterprises. They should meet every month, listen to businessmen’s grievances and act quickly to resolve the issues. A unique organisational structure is required to ensure this, he noted.

Principal Secretary of Industries Department S.Selvakumar, Commissioner Gunjan Krishna, and Minister’s Technical Adviser Aravinda Galagali were present in the meeting.

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