Union Finance Minister Arun Jaitley said that states were competing with each other to attract investment and this was a sign of competitive federalism. To address congestion issues in Bengaluru, he said the Centre would share the cost of the Peripheral Ring Road (PRR) and three elevated corridors which is estimated to cost Rs 11,000 crore, of which about Rs 8,000 crore will be required for land acquisition.
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He added that the state government has cleared proposals worth Rs.1.30 lakh crore in the last two years after he took over as the Chief Minister and they were in different stages of implementation.
Chip maker Intel will invest Rs 1,100 crore to set up its second computer software development centre and hardware design services facility in Bengaluru, which would create jobs for 3,000 engineers, the statement said.
Chief Minister Siddaramaiah announced this on the opening day of “Invest Karnataka 2016” here on Wednesday. “Our government is working towards propelling Karnataka to contribute to India’s growth in a significant way”.
Union Minister of Chemicals and Fertilisers Ananth Kumar said that his ministry was setting up a 13 lakh tonne urea fertiliser plant in Northern Karnataka and asked the CM to sanction land for the same. India Inc captains turned up at the event in full force, including Ratan Tata, Sajjan Jindal, Anil Ambani, Uday Kotak, Kiran Mazumdar Shaw and Gautam Adani.
“This is perhaps the first (GIM) where such an exercise has been done by government for investors to invest”, said Deshpande.
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Highlighting that the future of India was being made in Karnataka, Deshpande said, “Invent in Karnataka, innovate in Karnataka, invest in Karnataka”. Wipro founder Azim Premji too said Bengaluru’s creaking infrastructure remained an issue, and said if Karnataka fixes its infrastructure, it will become the fastest growing state in the country. The state also houses more than 400 research and development institutions and innovation centres of global companies.
