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Karnataka plans agency like Singapore's IDA to woo investors

Business Standard:  February 23, 2016

Bengaluru: Karnataka plans to set up a holding company on the lines of Singapore’s Infocomm Development Authority (IDA), with participation of corporate leaders, to attract investment.

“We not only need help in getting investments, but also in promoting government-industry relations,” said R V Deshpande, Karnataka Industries Minister, on Monday. With participation of industry leaders, the proposed body would expand the role of Karnataka Udyog Mitra, existing state-run agency to promote investment.

Earlier this month, Karnataka claimed it received investment proposals worth Rs 1.77 lakh crore at an investment summit organised by the state government. “The memorandums of understanding are statement of intent. We are pursuing with the companies to translate them into commitment within three months or we will strike them off the list,” said Deshpande.

In the past, investment commitments worth Rs 30,000 crore by ArcelorMittal did not materialise. In an effort to cut red tape and boost transparency, Deshpande said, Udyog Mitra would deal directly with revenue department for land clearance, doing away with the need for companies to interact with several agencies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.