Investments running up to ₹26,659 crore cleared in Karnataka
CM B.S. Yediyurappa launched an affidavit-based clearance system under the Karnataka Facilitation Act
A meeting of the State High-Level Clearance Committee (SHLCC), chaired by Chief Minister B.S. Yediyurappa, on Monday cleared investments totalling ₹26,659 crore. These investment proposals are expected to generate 13,341 jobs.
According to the Industries Department, Boeing India Pvt. Ltd. is to invest ₹1,152 crore on 36.5 acres at the Aerospace Park in Bengaluru.
Elest Pvt. Ltd. will invest ₹14,255 crore on 85 acres in Hubballi-Dharwad to establish an electric vehicle manufacturing unit. The proposed unit is expected to generate employment for 867 persons. In another project, Elest Pvt. Ltd. is also to invest ₹6,339 crore on 88 acres in Hubballi-Dharwad to set up lithium-ion batteries, commonly used for electric vehicles. This would create 1,804 jobs.
The SHLCC has also cleared investments of ₹1,825 crore by Hyunet Pvt. Ltd. and this is expected to provide employment to 2,210 persons. Investments running up to ₹1,290 crore by Miraculum Green Power Pvt. Ltd. have also been cleared to generate 2,820 jobs. Sanali Power Pvt. Limited’s investment ₹2,950 crore is expected to create 5,640 jobs.
New clearance system
Mr. Yediyurappa on Monday launched an affidavit-based clearance system under the Karnataka Facilitation Act to enable investors to establish their businesses without any clearance/approval from various departments for the first three years.
He said the launch of this “historic reform” would provide an investor-friendly ecosystem to the business community and various stakeholders. A couple of months ago, the State government amended the Karnataka Facilitation Act for attracting more investments.
In terms of business reforms, the State has taken various steps to improve the business climate for the stakeholders by implementing land reforms, labour reforms, auto-renewal of various licences/clearances, and a central inspection system, the CM said.