Karnataka invites investors to tap huge opportunity in Hubli

Team Udayavani, Dec 24, 2019, 10:12 AM IST

Bengaluru: The Karnataka government, which sees Rs 20,000-30,000 crore investment opportunities in Hubli-Dharwad region, on Monday invited India Inc to invest in diversified sectors.

“There is a huge opportunity for investment in diversified sectors in Hubli-Dharwad, which has infrastructure ready like direct connectivity through roads, railways and flights to major destinations. We want to develop Tier II and III cities in the state and create job opportunities there to decongest big metro like Bengaluru that is reaching its saturation,” Union Minster for Parliamentary Affaires and Coal and Mines Prahlad Joshi said at the Invest Karnataka-Hubli roadshow here.

The minister urged industrialists to tap on the huge potential the region presents and to take advantage of various incentives given by the state government.

“I invite you all to join us on February 14 at Hubli and take part in our growth story,” he added.

Gupta said the Union government is committed to complete eight-lane road linking Hubli with Pune.

Karnataka provides several incentives to encourage investment in the state, including

exemption of stamp duty, investment subsidy, subsidy on ETP, electricity duty exemption, tax-based interest-free loan, reimbursement of land conversion fee, among others.

Karnataka principal secretary, industries and commerce department, Gaurav Gupta who was also present on the occasion, said the state is not looking at investment in any specific sector but in diversified sectors.

“However, we are also looking at developing a cluster for FMCG goods, particularly consumer goods, which can be set up in Hubli-Dharwad,” he added.

Gupta said that the region has a land bank of about thousand acres and the state easily sees 20,000-30,000 crores investment that can happen over the next five years or so years.

Karnataka minister for Large and Medium-Scale Industries Jagadish Shettar said, “Even more conditions for attracting and absorbing new investments across many sectors. Our government is focused on providing the momentum for emerging itself as a number one industry investor friendly state in the country.