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September 2023

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Karnataka maintains lead in economic growth: CM Basavaraja Bommai

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Bengaluru: Chief Minister Basavaraja Bommai said that despite the COVID pandemic Karnataka has managed to maintain the lead in economic development being a prominent contributor to the country’s economy.


He was presenting the state’s view about the investment growth in the country during the video conference held by the Union Finance Minister with the Chief Ministers of various states


Highlights of CM’s address on the occasion:


  1. After Covid 19, the Chief Ministers of various states have taken the view of promoting investment and reviving the economy.


  1. On the steps taken in the State after Covid 19 and the cooperation required by the Central Government.


  1. It was brought to the notice of the Union Minister that the state had higher foreign direct investment inflow during the last year as the state government did not cease during the Covid 19 pandemic and continued to take measures for infrastructure development and to attract investments.


  1. Provided information on measures such as Land Reforms Act Amendment, Labor Law Amendment, Affidavit based clearance process to create investor-friendly eco-system.


  1. The state contributes immensely to the economy of the country, the state’s largest research and development sector, and expert human resources are the main contributors to the state’s inflow of investment.


  1. To further enhance this, the Global Investor Meet is being held in 2022.


  1. Bidar and Kalaburagi airports in the state are operational and Shimoga, Raichur, Vijayapura, and Karwar airports are expected to be operational by 2022.


  1. It was brought to the notice of the Minister that 9 Railway projects and 4 projects under Sagarmala were undertaken.


  1. Co-operation was sought from the Government of India on the following issues:


  1. Transparent mechanism to share of leads about investors.


  1. A clear policy on Forest and environmental clearance is required.


  1. Special sectors need special incentives.


  1. Townships are being developed in SEZs, which require amendments to the laws of urban local bodies and rural local bodies to have better infrastructure in these areas.


  1. Banks have to be directed to finance new business sectors such as electric vehicles, med-tech and LOT.


  1. Dispute resolution mechanisms need to be devised to quickly resolve disputes outside the court.


  1. It has been requested to facilitate economic activities in the coastal area by relaxing in the regulation of the Coastal Regulation Zone.


  1. Kalyana Karnataka needs additional incentives to attract investment in Karnataka.


  1. A portion of the District Mining Fund should be handed over to the State Government. This will help to take up repair the damage to other districts’ infrastructure by transporting the ore.

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