K’taka aiming for 2nd rank in industrial capital investments by June 2025: CM Siddaramaiah

Bengaluru, Nov 20 Karnataka is aiming to climb to second position in industrial capital investments by June 2025, announced Chief Minister Siddaramaiah on Wednesday.

CM Siddaramaiah was addressing a gathering at the 78th Annual Technical Meet of the Indian Institute of Metals, (IIM-ATM 2024) and International Symposium, Poster Session and Technical Exhibition organised at GKVK campus in Bengaluru.

CM Siddaramaiah said that the state has already attracted investments worth Rs 54,427 crore, and an additional Rs 19,059 crore is expected to flow in over the next six to seven months.

This will bring the total investments to over Rs 73,000 crore, further solidifying Karnataka’s position as a leading destination for industrial growth.

“Karnataka aims to be ranked third nationally by the end of 2023-24, with an investment of Rs 54,427 crore. By the end of June 2024-25, it is expected to move up to second place, with additional investments totaling Rs 19,059 crore,” CM Siddaramaiah reiterated.

The state has prioritised economic development by signing 21 MoUs with various organisations, bringing in investments worth Rs 46,375 crore, which is expected to generate 27,170 new jobs, he informed.

A total of 669 investment projects have received approval from the state-level single-window committees, leading to a projected investment of Rs 90,027 crore and the creation of employment opportunities for approximately 1,73,741 people, CM Siddaramaiah stated.

Bengaluru stands as a symbol of technological and industrial progress, it is only fitting that we host this prestigious event, bringing together over 1,700 experts dedicated to shaping the future of metals and materials, he stated.

The theme, ‘Transformational Technologies in Materials and Manufacturing,’ underscores the critical need to envision and implement pioneering solutions to navigate the complexities of a rapidly-evolving world, he said.

CM Siddaramaiah further stated, “As part of our commitment to a greener future, Karnataka is prioritising the adoption of green technologies across various industries, including metals and materials manufacturing. This helps drive sustainable practices while maintaining competitiveness on a global scale.”

“I extend my heartfelt appreciation to JSW Steel, under the leadership of Sajjan Jindal, for its commitment to innovation, community engagement, and sustainable practices — values that inspire our broader industry. Together, we can position Karnataka and India as leaders on the global stage, driving innovation, sustainable growth, and meaningful progress,” CM Siddaramaiah underlined.

Participating in the International Conference of IIM, Deputy Chief Minister D.K. Shivakumar inaugurated the exhibition and addressed the gathering.

He stated, "Karnataka is a large state and ranks second in the country for tax contributions. It is the third-largest state in terms of land area. Beyond IT and BT, we encourage your expertise in other sectors as well. During Siddaramaiah’s previous tenure, 18,000 MW of renewable energy was generated."

"Karnataka has over 250 engineering colleges, making it a state that produces a talented workforce. We also have the highest number of medical colleges, generating the most doctors in the country, along with numerous management colleges," he elaborated.

Speaking at the event, Minister for Large and Medium Industries M.B. Patil stated, "Karnataka is at the forefront in the fields of advanced alloys, high-strength steel, and sustainable materials. Several startups in the state are actively engaged in research in automotive, aerospace, and lightweight alloys," he said.

"The state contributes 52 per cent of the nation’s total machine tool production, catering simultaneously to both domestic and global market demands," he explained.

Source: IANS