Bengaluru - Union Transport Minister Nitin Gadkari on Wednesday said the central government will contribute Rs 1 lakh crore in next two years for road development in Karnataka.

"For road development in Karnataka, from our side, we will contribute Rs 1 lakh crore in next two years," he said at the three-day long Global Investors Meet--Invest Karnataka-2016, which was inaugurated here.

"..We have also decided to expand the capacity of New Mangaluru Port with an investment of Rs 10,000 crore," he said.

Earlier, inaugurating the meet Union Finance Minister Arun Jaitley said he expects Karnataka to surpass the national growth rate, saying it has the potential to grow at least 2-3 per cent ahead of India's GDP.

Speaking after inaugurating the global investors' meet 'Invest Karnataka-2016', Jaitley said: "... given its natural advantage, first-grade human resource and the natural technology inclination of entrepreneurs... Karnataka has to grow at least 2-3 per cent ahead of India's GDP."

Complimenting the state government for organising the meet, he said, "Karnataka has the capacity, and I think it is that capacity which we have to fully realise."

Chief Minister Siddaramaiah, Venkaiah Naidu and Ananth Kumar, among others, attended the meet.

Acknowledging that Karnataka is the leader as far as education is concerned, the finance minister said the state will continue to produce best human resource in India.

"One of the best things that happened to Karnataka over the last 2-3 decades was that even at the age of regulated economy, some wisdom dawned on this country and we decided to leave the IT sector alone. Since we left the IT sector alone free from any interference of the government, they prospered. They became in fact a face of India's growth potential," Jaitley added.

With natural innovation, start-ups growing in the state, and a lot more potential in aerospace, the state should look at large manufacturing investment potential, he suggested.

"Manufacturing is where jobs are... if we are able to concentrate on this with natural advantage of R&D centres worldwide coming into the state, I think we can exploit all these potential and really convert Karnataka into a

destination of investment of economic activity of growth," Jaitley added.

"I think every rupee that goes into Karnataka, investment goes into India's growth..."

Tata thumbs up

Veteran industrialist Ratan Tata today pitched for investing in Karnataka, saying it is a centre of high technology, including IT and aerospace.

"I am speaking with great past experience, and I have been in the state and have been interacting with the state. Karnataka definitely is one of the major places one should look at in making investments here," Tata, the former chairman of conglomerate Tata Group, said.

Speaking at the inauguration of Invest Karnataka Global Investors' Meet here, Tata said he was not making such a statement on the basis of promises but on the basis of his own experience.

Karnataka still remains a centre of high technology - be it aviation, aerospace, IT, Biotechnology and the electronic industries. "It also has human capital," he added.

The veteran industrialist also said the country had great deal to offer as it was having a huge market and considerable skills and capital.

He also said, "the future of India will depend on future of investments and coordination of business in high technology."

PTI