Bengaluru: “The state’s power production capacity has improved. We have seen a reduction in energy deficiency from 14 per cent to 5 per cent in the last two years. So the Power shortage in the state is only temporary”, said Chief Minister Siddaramaiah here on Wednesday after unveiling the logo for the ‘Invest Karnataka 2016’, the state’s version of the now ubiquitous Global Investors’ Meet.
“We are working towards energy security for the state and plan to add 22GW of all forms of power by 2022. This includes 14.5GW of non-renewable and 7.5GW of renewable energy capacity. Karnataka is a $117 billion economy at current prices. The GSDP is growing at 7 per cent, which is on a par with the national average”, he added.
“During the last two years, we have approved more than 450 projects that have brought in investments to the tune of Rs 1.21 lakh crore, thus generating 2,44,000 jobs,” he added.
Siddaramaiah said, ” More needs to be done and that the state needs more industries and businesses. In the new industrial policy we announced last year, we envisaged an annual growth rate of 12 per cent and investments of Rs 5 lakh crore, thus providing employment to 1.5 million people over a five-year period,” he added.
The agriculture sector alone cannot generate enough jobs required for our growing population of well educated and talented youth. Hence, the role of industry becomes critical, he said.
Minister for Large and Medium Industries and Tourism R V Deshpande speaking on the occasion said, “The objective of ‘Invest Karnataka’ is to promote the state as a preferred investment destination by showcasing the competitive strengths, investment opportunities, avenues of collaboration, and investment facilitation mechanisms in the state.”
“Karnataka pioneered the concept of the Global Investors’ Meet way back in 2000. We are delighted that our concept has now become an institution and is being used by several states that call it by different names,” he added.
