Third year in a row, Karnataka is India’s most attractive state for investments

Statistics indicate that Karnataka is well ahead of the second state on the list.

news Finance

For the third straight year, Karnataka has been touted as the best state in India in terms of attracting investment. Statistics published by the Department of Industrial Policy and Promotion, Government of India indicate that Karnataka is well ahead of the second state on the list.

Till August this year, the state garnered a potential investment or Industrial Entrepreneur Memorandum (IEM) of Rs. 79,866 crore, which is around 60% more than Gujarat which has an IEM of Rs. 51,586 crore. The data on investment intention was collated by the Centre's Department of Industrial Policy and Promotion.

Karnataka Minister for Large and Medium Scale Industries KJ George said that the government is ensuring to remain the top destination for investment in India and generating a larger number of jobs.

Gaurav Gupta, Principal Secretary, Commerce and Industries, said that processes had been strengthened to enable realisation of these IEMs. “Every 15 days, there is a review of the projects so that the government can help in any way to see these investments translate on the ground. Things are bound to get better,” he said speaking to The Hindu.

Karnataka has seen a steady rise in the rankings in terms of attracting investment since 2013 when it was 11th. Gradually, the state climbed up the rankings, 4th and 5th in 2014 and 2015 respectively before topping the chart in 2016 and 2017.

This success was part of the poll pitch made by former Chief Minister Siddaramaiah ahead of the 2018 Assembly elections in May. Quoting then official data, former Industries Minister RV Deshpande in November 2017 had said Karnataka accounted for 44.43% of India’s total investment.