Karnataka inked MoUs bringing in Rs 46,375 crore investments, says CM

PTI, Nov 20, 2024, 3:59 PM IST

Credit: X/@CMofKarnataka

Bengaluru: Karnataka Chief Minister Siddaramaiah on Wednesday said the state has prioritised economic development by signing 21 MoUs with various organisations, bringing in investments worth Rs 46,375 crore with potential to generate 27,170 new jobs, since his government assumed office last year.

Speaking at the inauguration of the 78th Annual Technical Meet of the Indian Institute of Metals (IIM), he said Bengaluru stands as a symbol of technological and industrial progress.

“It is only fitting that we host this prestigious event, bringing together over 1,700 experts dedicated to shaping the future of metals and materials,” he said.

The Chief Minister said the theme, “Transformational Technologies in Materials and Manufacturing,” of the three-day conclave underscores the critical need to envision and implement pioneering solutions to navigate the complexities of a rapidly evolving world.

“The materials and manufacturing sectors are pillars of economic growth and national resilience. Their influence extends beyond industry, touching every sphere of our collective progress,” he said.

“As part of our commitment to a greener future, Karnataka is prioritising the adoption of green technologies across various industries, including metals and materials manufacturing. This helps drive sustainable practices while maintaining competitiveness on a global scale,” Siddaramaiah said.

Highlighting that Karnataka’s dedication to reducing carbon emissions aligns with India’s overall goals to mitigate climate change, the Chief Minister said: “Our carbon capture and utilisation programs are paving the way for a low-carbon future in metals and materials production.” Siddaramaiah said Karnataka remains dedicated to becoming a global leader in advanced manufacturing. “Our policies champion innovation, sustainability, and inclusive development, setting the stage for robust industry growth.” “A total of 669 investment projects have received approval from the state-level single-window committees, leading to a projected investment of Rs 90,027 crore and the creation of employment opportunities for approximately 1,73,741 people,” he said.

The Chief Minister said his Government continues to support research and innovation that drive sustainable advancements in the metals and materials sectors, reflecting our commitment to fostering a competitive, responsible, and globally recognised industry.

Speaking at the event, IIM President and Chairman of JSW Group, Sajjan Jindal said that a conference such as IIM-ATM 2024 is vital for strengthening our ecosystem, fostering collaboration, exchanging ideas and recognising excellence.

“Karnataka has today emerged as a hub for high-tech industries, R&D centres and manufacturing, creating an ideal ecosystem for thriving businesses,” he said.

Jindal said JSW Steel’s Vijayanagar plant, which celebrated 25 years of steelmaking last year, is a testament to Karnataka’s industrial prowess.

“What began as a greenfield venture has grown into India’s largest single-location steel plant, and we are committed to making it the largest single-site steel plant globally,” he added.