BENGALURU: Karnataka has attracted the maximum amount of investment proposals in the first three quarters of 2018, leaving two major states, Gujarat and Maharashtra, way behind.
Analysis of data from the Ministry of Commerce and Industry show that with Rs 83,236 crore worth of investment proposals, the state accounts for 25% of the total value of such proposals in India. The total for the country is Rs 3.38 lakh crore.
But the state accounts for only 6% of the total number of projects proposed. In the nine months, India received 1,486 proposals and Karnataka only 92, which indicates that a majority of the proposed projects are big.
The proposals include a Rs 240-crore project by JSW Solar, a Rs 100-crore project by MK Agrotech, multiple proposals from the Maini Group, spread across aerospace, space and auto, a 3.6 lakh tonne capacity steel plant by SK Steel, and cement projects by Ultratech and Adani Cement.
Gujarat, with 347 projects, has four times the number of proposals that Karnataka does, and Maharashtra, with 275 projects, has three times more. Yet, in terms of value, the 347 projects in Gujarat are worth only Rs 59,089 crore, and the 275 projects in Maharashtra are worth Rs 46,428 crore.
In the past two months, Karnataka has received 23 proposals spread across sectors like aerospace, space, iron and steel, pharmaceuticals, automobile, textile, IT and renewable energy. The proposals are spread across districts: Bengaluru, Tumakuru, Bagalkot, Bidar, Kalaburgi, Ballari, Belagavi, Kolar, Dakshina Kannada and Koppal.
TOI had reported last month that the bulk of Karnataka’s proposals came in February and March, prior to the elections. There was a steep drop in the next few months, but then again there’s been some pickup in August and September.
Gaurav Gupta, principal secretary in the state industry commerce department, said Karnataka has a good pool of human and natural resources and an industry-friendly policy. “While it is good that we have the numbers, our focus and priority is to convert as many of these proposals into projects on ground. There is a lot of hand-holding work happening on this front, and you will soon see results,” he said.
Dip From Last Yr
The figure for 2018 is however lower than that last year. In the first three quarters of 2017, Karnataka had attracted Rs 1.47 lakh crore. Industries minister KJ George noted that the state was in the midst of elections during the first three months of this financial year (April-June) and there was not much happening in the government then. “Now, the focus is clear and we have a host of new policies like the e-vehicles policy and so on that will further attract investments,” he said.