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Karnataka attracted over Rs 12 lakh cr investments between 2021-24: Report

Karnataka has a dominant position in aerospace exports with a 65 per cent share and machine tools output by 50 per cent, it said.

PTI

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Bengaluru, 4 Sept

Karnataka has attracted new investment proposals worth over Rs 12 lakh crore between financial years 2021-22 and 2024-25 due to the highly vibrant and progressive investment climate in the State, a study by the MSME Export Promotion Council said.

The study by the MSME Export Promotion Council said the investment climate in the State strongly supports robust foreign direct investment (FDI) along with strategic infrastructure projects, forward-looking policy frameworks, talent and innovation ecosystem.

"The new investment projects announced amounted to Rs 12,01,175 crore. Projects completed were worth Rs 1,40,476 crore, and pending projects valued at Rs 36,078 crore were revived during the period. Investment projects worth Rs 9,49,370 crore were under various stages of implementation. The data has been sourced from the Centre for Monitoring of Indian Economy (CMIE)," the chairman of the MSME EPC, DS Rawat said.

Citing NITI Aayog, the MSME EPC said the State leads India in innovation and contributes 20 per cent of the country's exports.

Karnataka has a dominant position in aerospace exports with a 65 per cent share and machine tools output by 50 per cent, it said. Karnataka's IT exports account for about 42 percent of India’s software exports.

Noting that investment projects announced during 2021-22 were worth Rs 1,45,035 crore, it was Rs 5,13,364 crore in 2022-23, Rs 2,27,706 crore in 2023-24 and Rs 3,15,069 crore in 2024-25, the release said. This includes investment by the private sector worth Rs 10,25,614 crore.

The micro, small and medium enterprises (MSME) are growing in Karnataka and it is estimated that the State hosts over 8.5 lakh units collectively employing nearly 70 lakh people, it said.