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Karnataka clears projects worth Rs 11 billion

The Karnataka single window agency has cleared 41 projects with an investment of over Rs 11.27 billion during the first six months of the current financial year and if the trend continued it would finish the year with a highest ever investments since 1993-94.

Disclosing this to newsmen in Bangalore after a meeting of the state level single window agency, Principal Secretary N Vishwanathan said that last year the state attracted Rs 9.63 billion through 105 proposals. In 1996-97 the agency had cleared projects worth Rs 16.02 billion.

He said the proposals that had fructified in the state amounted to 46 per cent as against the national average of 39 per cent.

He said the state, which enjoyed premier position in information technology, was not complacent, on the contrary it was proactive and taking interest in attracting high-tech investments in the sector. In the first quarter of the current year, the state cleared 23 IT projects, including eight from multinationals as against ten cleared by Andhra Pradesh and six by Tamil Nadu.

He said the state's policy concerning the food processing industry was in the final stages and once it was implemented, the state would also play a dominant role in attracting investment in the sector.

Besides a venture capital fund, the state was also planning to pool a fund of over Rs 5 billion for meeting credit requirements for the sector. During the next five years the state had targeted an investment of Rs 25 billion in the sector, he added.

UNI