The state of Karnataka has attracted Foreign Direct Investments (FDIs) worth Rs 62,085 crore in the first quarter of FY 2022 which is 48% of the total such investments India received during this period.
When India was battling to control the second wave of Covid 19, Karnataka has managed to attract huge foreign investments, hinting at the state’s potential for future growth.
As per reports, Karnataka is set to host the Global Investors’ Meet next February.
Large and Medium Industries Minister Murugesh Nirani on Wednesday informed about the FDI received, adding that among the Indian states; Karnataka has topped in FDI inflows in India during this period. The minister also praised the role of Karnataka Udyoga Mitra (single-window agency for investment) for making outstanding efforts to attract investments.
The minister also shared this news on his Twitter handle stating “I’m glad that Karnataka stands No. 1 in attracting FDIs in April-June fiscal and remains a preferred destination for global investors. Our state offers excellent opportunities in various sectors and provides world-class facilities to investors.
I’m glad that Karnataka stands No. 1 in attracting FDIs in April-June fiscal and remains a preferred destination for global investors. Our state offers excellent opportunities in various sectors and provides world class facilities to investors. pic.twitter.com/eg2knILqIZ— Murugesh R Nirani (MRN) (@NiraniMurugesh) September 9, 2021
Over the years Karnataka has become ‘investors’ heaven’ due to several policy reforms’ like the ease of doing business, single window system, the introduction of affidavit-based clearance, central inspection system, and land and labour law reforms among many others.
For instance, in April the Karnataka government took a policy decision to repeal redundant laws and decriminalise many to encourage ease of doing business. The government has identified laws that required simplification or a complete abolition.
The steady rise of Karnataka on the FDI index is worth mentioning. As the minister informed, Karnataka had attracted Rs 30,746 crore FDI in FY 2019-20 and ranked third. In the next FY 2020-21 the rank remained the same but the flow of FDI had increased to Rs 56,884 crores.
Karnataka Udyog Mitra (KUM) ranked top among all investment promotion agencies
Minister informed that ‘The National Investment Promotion and Facilitation Agency, under the ‘Invest India’ program, has patted Udyoga Mitra for taking proactive steps to create an investor-friendly milieu in Karnataka. It has rated Karnataka Udyoga Mitra as India’s top Investment Promotion Agency while considering the performance of 20 other states.
The Minister stated that the Karnataka government is committed to more reforms to help industrialists. Nirani said that the government has been aiming to score 100 points on all parameters in the coming days. Minister informed that Karnataka Udyoga Mitra scored centum in four out of eight categories namely investment projects, facilitation, aftercare and managing the website.