GIM MoUs – 75% conversion in next 5 years: Nirani exhudes confidence

Bengaluru, Dec. 6: Of the MoUs made at the Global Investors Meet held in the month of November, 75% of them will be converted positively in the next 5 years without any doubt said Large and Medium Industries Minister Dr. Murugesh R. Nirani.

Speaking at the meet-the-press organized by Bengaluru Press Club on Tuesday, he said, “We have not made MoUs just to glorify or to show numbers. We have approved only those projects that intend to start projects in the state. He expressed confidence that there would be 75 percent conversion of the MoUs signed.

Looking visibly happy over the grand success of the three-day mega Global Investors Meet Minister Nirani said that the GIM has laid the foundation for future growth, and the conversion ratio will be much better this time. “We are glad that the GIM ended successfully with an overwhelming response from all the stakeholders. We have received investments to the tune of Rs 9.82 lakh crore. Nodal officers will be appointed to implement/approve the MoUs made in the GIM within 90 days. District-wise Coordination Committee and nodal officers will be appointed for providing basic infrastructures like land, water, and power for the implementation of the MoUs.”

Although investors have come forward to invest Rs 2 lakh crore in addition to Rs 9.81 lakh crore, the department has not entered into an MoU with them, the minister said and added that preference was given to the Memorandum of Understanding (MoU) which was made during the GIM.

Nirani expressed regret that a few projects / MoUs done during previous GIMs did not get implemented due to the lapses of the previous governments.

Expressing happiness over businesses going beyond Bengaluru, Minister Nirani said over 90% of the total investments are outside Bengaluru. “Our aim is the overall development of the state, and I am glad that more than 90% of these investments are going beyond Bengaluru.”

MORE THAN Rs 2000 crore CLEARED:

Minister Nirani, on Monday evening, cleared a total of 59 investment proposals worth Rs 2627.88 crore promising 9764 jobs.

The 136th State Level Single Window Clearance Committee (SLSWCC) meeting was held under the chairmanship of Nirani at the Karnataka Udyog Mitra office.

The committee considered and approved 7 important large and medium-sized industrial projects with investments of more than Rs 50 crore. These projects worth Rs 852.06 crore are expected to create employment opportunities for 3860 persons in the state.

At the SLSWCC meeting, 48 new projects with investments of more than Rs 15 crore and less than Rs 50 crore were also cleared. These projects worth Rs 923.09 crore would generate jobs for 4444 people in Karnataka.

Four projects of additional investment have also been approved, which will result in an investment of Rs 852.73 crore and would generate 1460 employment opportunities.
In total, 59 investment proposals worth Rs 2627.88 crore promising 9764 jobs were approved in the meeting.

About Author