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Home / India News / Karnataka received highest investment among states this year: BS Yediyurappa

Karnataka received highest investment among states this year: BS Yediyurappa

The state is currently ranked second in terms of FDI investments for the period ending June 2020, the CM added.

india Updated: Oct 23, 2020, 00:22 IST
Venkatesha Babu
Venkatesha Babu
Hidustan Times, Bengaluru
CM Yediyurappa said that the state was a favoured choice for them and is home to 400 of the Fortune 500 companies in the world. He urged Indian companies to step up their investments in the state. (Photo @BSYBJP)
CM Yediyurappa said that the state was a favoured choice for them and is home to 400 of the Fortune 500 companies in the world. He urged Indian companies to step up their investments in the state. (Photo @BSYBJP)

Karnataka chief minister BS Yediyurappa on Thursday said that the state had attracted investment worth Rs 1.38 lakh crore this year, adding it was “the highest in the country which would create 70,000 direct employment”.

The state is currently ranked second in terms of FDI investments for the period ending June 2020, the CM added.

In an effort to draw domestic investors to invest in the state, CM Yediyurappa said that the state was a favoured choice for them and is home to 400 of the Fortune 500 companies in the world. He urged Indian companies to step up their investments in the state.

Yediyurappa made these remarks while virtually addressing various industry captains at an event organised by the Public Affairs Forum of India (PAFI), National Forum 2020. The Karnataka CM highlighted numerous business opportunities and investments that were available for domestic investors in the state in IT, ITES services, machine tooling, manufacturing, aerospace, biotechnology, and engineering design.

Stating that Karnataka is a nearly US$ 250 billion economy with strengths in a wide range of industries - machine tools, heavy machinery, automobiles, electronics, aerospace, defense, biotechnology - the CM emphasised the benefits of the New Industrial Policy 2020-2025, launched by the BJP government, which he said would help “to build a prosperous Karnataka and create large-scale employment opportunities”.

Stressing that the state is committed to bringing ease to regulatory compliance for businesses, he said they were working in partnership with departments and various stakeholders to make it easier, simpler and quicker for businesses to start and operate in the state.

Large, small and medium scale industries minister Jagadish Shettar, who also spoke at the event, said that the state is taking cautious steps to reboot the economy and support economic activities.

“The recent NITI Aayog 2019 Innovation Index has Karnataka at the top. This has been possible due to the availability of quality human resources, reputed higher educational institutions, and a significant thrust on research and development aided by a proactive administration and conducive investment climate,” he added.

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