Karnataka has raised its fund-raising goal for the Global Investors’ Summit by Rs 2.5 lakh crore to Rs 7.5 lakh crore, Union Finance Minister Nirmala Sitharaman said on Wednesday.
Initially, the global meet organizers had expectations in the range of Rs5 lakh crore. Today, that has risen to Rs7.5 lakh crore.
“The MoUs that have come up are happening in newer areas, the sunrise areas. For example, the hydrogen mission that the government announced, or green ammonia, or making sure that new corridors are coming up for industry and connecting with ports.” A memorandum of understanding (MOU) is a nonbinding agreement between parties to pursue an agreement with each other.
As the event began, Sitharaman’s comments were enhanced by the over Rs 5.6 lakh crore worth of promises made during the opening day.
“We have already approved about $4.4 billion of these investments before this week,” Bommai said. “In the next few months, we will decide about the rest”.
The CM appealed to investors in hopes that the promises could be turned into projects.
“This is an exciting opportunity for the government, investors and entrepreneurs,” he said. “We’re serious about making this work and we’re looking forward to seeing it all come to fruition.”
They signed Rs 5.6 lakh crore in investments, out of which the green hydrogen investment space made the most. This went to around Rs 2.91 lakh crore.
Indian firms, such as ACME group, ReNew Power, and ABC Cleantech have pledged to invest 50,000 crore each to set up export-focused plants in the state.
The third-largest economy in Asia is slowly becoming more eco-friendly as private players invest in renewable resources and technologies. Leading the pack with about Rs 80,000 crore of investment, Vedanta is establishing an expansive green power generation infrastructure through solar, wind and hydro developments.
At the event, MoUs worth nearly Rs 47,475 crore were signed in the electronic designs and manufacturing space. ISMC wants to invest Rs 22,900 crore into the state.
India is dealing with a shortage of its chip requirements, which has led to this decision.
India has depended on imported electronics more than they would like. Beginning with the semiconductors, they plan to reduce that number down to $1 billion by manufacturing it in India themselves.
This year, infrastructure and logistics parks signed worth Rs 43,500 crore were signed. Airtel said it would be investing about Rs 15,000 crore in this sector.
“We will introduce 5G in Karnataka by December or January,” said Rajan Bharti Mittal, the Vice Chairman of Bharti Enterprises.
The construction industry saw 25,024 crore investements, but e-mobility, aerospace, and data center sectors saw 22,906 crore worth of investments.
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