Bengaluru: “Let KGF be our mantra,” Union Minister of Commerce and Industry Piyush Goyal said during his keynote address at the Invest Karnataka summit on Wednesday. Explaining the term KGF with regards to investment in Karnataka, Piyush Goyal urged people to “invest in Karnataka, invest in growth and invest in Future.”
Speaking in Bengaluru, Piyush Goyal lauded Karnataka as a state where “wiser people look to invest”, adding that the state offers skills, technology and ease of doing business. “In almost all rankings among states, Karnataka is performing exceedingly well. A real destination to be in, invest in, make in and serve from,” he said.
The Union minister recalled that his US counterpart Katherine Tai, who is scheduled to visit India next year for a commercial dialogue, expressed very serious interest in coming to Bengaluru to experience Karnataka.
“Very recently, at the Silicon Valley while I was engaging with investors, you could perceptibly see the resonance of Karnataka particularly in the space of future technologies. Hearing about their huge investment plans, the way they are looking to expand their operations in and around Bengaluru, it was like a re-run of the movie Kantara, a low-budget film that showcases the culture of Karnataka. It has grossed nearly 20 times its investment. That delta of return is being noticed by all the captains of industry. That is what attracts investors and industries to India and the state of Karnataka,” Piyush Goyal said.
Invest in Karnataka: Piyush Goyal
Further, he lauded Karnataka for offering incentives and innovation, equitable growth focus, resilient ecosystem, wisdom and talent pool. He also explained why Karnataka is the right place to invest in.
“When Texas Instruments opened their office in Karnataka 35 years ago, nobody imagined that this beautiful city will become the Silicon Valley of India. I am sure wiser investors must be looking to Karnataka because the state offers incentives and innovation, equitable growth focus, resilient ecosystem, wisdom and talent pool required by industries. Karnataka is hugely focused on sustainability and investors are looking for places where sustainability is respected and climate change is addressed. Karnataka is a symbol of resilience,” the Commerce Minister said hailing the state.
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“Government is building a foundation of a brilliant Karnataka with people’s skills, resources, decisive leadership, India-first focus and entrepreneurial spirit. A combination of these impressive factors makes it the right place to Invest in India,” Goyal said.
“Karnataka is the pride of India where we have skills, resources, strong government, decisive leadership, where India first prevails and has a set of entrepreneurial minds, Karnataka is the right place to invest in India, whether its logistic, infrastructure, ease of doing business or cost of doing business, all factors are looked into. It focuses on futuristic technologies and innovative ideas. Karnataka will serve the entire world. I invite all of you to invest in Karnataka, to invest in growth, to invest in future. Let KGF (Karnataka, growth, future) be our mantra,” he concluded.
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PM Modi at Invest Karnataka
Earlier, Prime Minister Narendra Modi addressed the inaugural function of the Global Investors Meet via video conferencing. During his address, PM Modi lauded the beautiful blend of tradition and technology, culture and innovation in Karnataka. The meet is aimed at attracting prospective investors and setting up development agenda for the next decade, PMO said.
The three-day summit which began on November 2 will conclude on November 4. It would witness more than 80 speaker sessions, including Kumar Mangalam Birla, Sajjan Jindal, Vikram Kirloskar among others.
Through this summit, the Karnataka government anticipates heavy investment in the state. The agenda for the summit is “Invest Karnataka 2022.” This is the first such large-scale summit after the Covid-19 pandemic. Apart from Prime Minister Modi, Karnataka Chief Minister Basavaraj Bommai and state cabinet members, Union Finance Nirmala Sitharaman, Industry Minister Piyush Goyal, and Coal and Mines Minister Pralhad Joshi also participated in the inauguration session.
Karnataka CM Basavaraj Bommai said he is expecting over ₹5 lakh crore investment and the State High level Committee has already given clearance for an investment of over ₹2.8 lakh crore.
“Invest Karnataka’ is going to grab the attention of the whole world. Global investment is coming here as Karnataka has a rich atmosphere. This will put a strong foundation for the development of Karnataka in the next five years,” CM Bommai said.