May 11: The Karnataka government appears set to roll out red carpet welcome to foreign companies seeking to move out of China.
The State's Large and Medium Scale Industries Minister Jagadish Shettar said the Government plans to constitute a task force, under the Chairmanship of the Chief Secretary T M Vijay Bhaskar, to spearhead the drive to attract such investment. A proposal to this effect has been sent to the Chief Minister B S Yediyurappa for approval, the Minister told PTI in an interview.
This panel would take feedback and suggestions from a consultative committee to be formed with prominent industrialists from the State and representatives of various countries located here, Shettar said.
In recent days, the Minister held consultations with industrialists such as co-founder and Non-Executive Chairman of Infosys Ltd, Nandan M Nilekani, Executive Chairperson of Biocon Ltd, Kiran Mazumdar-Shaw and Chairman of early-stage startup accelerator and venture fund Axilor Ventures Senapathy (Kris) Gopalakrishnan to fine-tune the States outreach push.
Shettar also held interactions with industry bodies, including Confederation of Indian Industry (CII), the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Bangalore Chamber of Industry and Commerce (BCIC) and Karnataka Small Scale Industries Association (KASSIA).
Industrialists who took part in the deliberations suggested to the government to focus on ease of doing business and improving the single window clearance system for approvals, as the Minister spelt out government's intent of further improving the investment climate to attract industries to Karnataka.
To boost the industry sentiment in the State, they also stressed the need on easing land acquisition regulations, and leveraging the knowledge base of Bengaluru to promote technology-based manufacturing.
"Given the interest shown by some companies in moving their manufacturing bases out of China, the industry leaders recommended that the State government identify a target list of 100 firms to reach out to for attracting to the State, and work out a strategy to bring them to Karnataka," an Industry department official said.
The industry leaders assured cooperation from the private sector in reaching out to and facilitating interactions with CEOs of these companies.
Shettar said restrictions on acquisition of agriculture land for starting industries have now been relaxed with the passage of an amendment to the land reforms act in the recent Legislature session.
This would facilitate immediate land allotment to industries, he added.
The Minister has also submitted a proposal to the Chief Minister on relaxing labour laws.
Secretary General of industry body ASSOCHAM, Deepak Sood, told news agency recently that there is a broader consensus that the global manufacturing supply chain would be more spread than concentrated in major economies like China.
"If India comes out of the present crisis with minimum of impact, we can be the destination of choice for the global manufacturing giants in different sectors like electronics, computer hardware, pharmaceuticals, including medical devices, automobile, including components and other engineering products," Sood had said.
Gopalakrishnan, also co-founder of Infosys and former CII President, said India has to target companies which have operations in China, reach out to them, understand what their needs are and hold discussions with them.
"We have to make sure that their requirements are addressed, be it with regard to land, office space, faster approvals, and some concessions on local taxes. It depends on the businesses that the companies are in, and if we are able to respond to those requests, I think we will be able to attract them", he told news agency.
"All states will compete for this business (foreign investment)," Gopalakrishnan added.
Comments
After all these sufferings,it pains a section of us,common peole still support demonetisation !
What was supposed to be a surgical strike against tax cheats and counterfeit currency became an attack on a large informal economy that ran almost entirely on cash. The hardships caused by a shortage of new legal tender, and the rush to deposit old 500 and 1,000 rupee ($15.40) notes in bank accounts before the Dec. 31 deadline, took a heavy toll. More than 100 people died in bank and ATM queues, although it's impossible to confirm if the deaths from heart failure or exhaustion were directly a result of demonetization.
I Will donate one rope to hang him.
@Truth Teller - I share your views 100%
Honestly, i am not sure what is there to like about Congress! Besides all the scams running to several thousand crores and losing face in the international scene (thanks to Kalmadi) they have played religion & caste politics for decades for vote bank ruining the country. For the first time after independence perhaps there is some move towards honesty, improving infrastructure, education and cleanliness. Why some continue to hate Modi is just beyond me if you truly love this country. Rahul is bad news for India unless they find someone else who can be like Modi - hardworking & with a vision to change.
Honesty is incompatible with the amassing of a large fortune - Mahatma Gandhi
Modiji is the true and honest man after Gandhi
Demonetization in India was a war against dishonesty and it is a movement against corruption.This exercise has brought an awareness to the people not to make wealth dishonestly.Majority of the people wanted honest system in India and supported the Government's initiative on demonetization.
I am a hardworking sincere person. I earn for a living and to support my family, because of demonetization me and my family suffered without any cause. This man freezes our transactions to a minimum of 2000 and what not. Who was he to do it, By law it is not permissible unless a person is held guilty by law agencies.
Because of one man 100 innocent died standing in queue. How come once company made 160000 times profit during demonetization, Where is the black money, what happened to panama papers. These statistics have to shown after demonetization. Even now they are misleading crores of people with data not important to Aam Admi.
Dinesh Gundu will soon be under police custody
Nobel prize winner praised Modi for demonetisation and digital India and later he confessed he told wrong after knowing that Modi banned old 100&500 notes and implemented 2000 rupees notes..
I can say Modi is the best intelligent person in the world. And he should get business man of the year award.
Because,
1. Modi made huge benefit to Paytm (paytm ceo didnt do this much profit for his company)
2. Modi made profit to the private agency which made/maintaning aadhar things.
3. Modi made profit to Jio
4. Modi made profit to big companies by implementing demonetisation and GST (same time it affected badly on small scale retailer shop)
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