Prime Minister (Prime Minister) Narendra Modi on Wednesday presented India as the best destination for global investors and a reliable player in the supply chain, especially after the Covid-19 pandemic, on the first day of the global investor meet Invest Karnataka 2022.
“Investing in India means investing in inclusion, democracy and investing in the world and a better, cleaner and safer planet,” Modi said.
At the event, India’s leading business groups detailed their investment plans for the state over the next few years.
Referring to the global sense of optimism about India, the Prime Minister said these were uncertain times but still most people were convinced of the fundamentals of India’s economy. In this period of fragmentation, India is moving with the world and focusing on working with the world, he added.
On day one, groups JSW and Adani said they would invest Rs 1 trillion each in Karnataka, looking to expand their presence in the state. JSW Group chairman Sajjan Jindal said the Rs 1 trillion investment by his conglomerate was in addition to Rs 1 trillion invested in the state and would be spread over five years.
According to Karan Adani, son of Adani Ports and SEZ CEO Gautam Adani, his group’s investments will be in sectors like renewable energy, cement, airports and edible oils. This will happen over the next seven years.
The Vedanta group has earmarked Rs 80,000 crore for investments in renewable energy, gold and iron ore mining, according to company officials at the summit.
ACME Solar, ABC Cleantech and ReNew Power each said they would bring Rs 50,000 crore to Karnataka, while Sterlite Power said it would pump the bulk of its Rs 50,000 crore investment into the state.
“Over the next five years, we plan to increase our renewable energy sources tenfold and invest about Rs 50,000 crore in renewable energy generation.
This means a large chunk of this investment will come to Karnataka,” said Pratik Agarwal, managing director, Sterlite Power.
Bharti Airtel, meanwhile, said it plans to invest Rs 15,000 crore in Karnataka, while Reliance Jio said it has committed to invest Rs 11,000 crore in the state.
“We will launch 5G in Karnataka in December or January,” Rajan Bharti Mittal, vice chairman of Bharti Enterprises, said at the summit.
The three-day summit, which began on Wednesday, is expected to attract close to 5.6 trillion rupees in investment by India Inc and a total of 7.5 trillion rupees worth of deals. More than 20 Indian and global companies signed memorandums of understanding with the Karnataka government on Wednesday.
A series of business exhibitions and country sessions with more than 300 exhibitors will be held simultaneously. Country sessions are hosted by partner countries – France, Germany, the Netherlands, South Korea, Japan and Australia, who bring high-level ministerial and industry delegations from their countries.