Karnataka attracted ₹7,59,936 crore investments between 2018-19 and 2022-23: Study

Karnataka attracted investment project proposals worth ₹7,59,936 crore between 2018-19 and 2022-23 and the highest jump was registered in 2022-23 as the State successfully attracted ₹4,51,516 crore projects.

A study brought out on “investment, growth & development in Karnataka between 2018-19 and 2022-23” by the MSME Export Promotion Council along with the Confederation of Organic Food Producers & Marketing Agencies (COII) and released by MSME EPC chairman D.S. Rawat said as per the data available through Centre for Monitoring of Indian Economy (CMIE), the State received new investment proposals of ₹4,51,516.2 crore in 2022-23, ₹79,816.4 crore in 2021-22, ₹74,967.7 crore in 2020-21, ₹94,361.8 crore in 2019-20, and ₹59,273.8 crore in 2018-19.

It was noted that in 2022-23, the total outstanding projects were worth ₹16,43,466.3 crore and projects under implementation were worth ₹8,22,070.4 crore. Once the implementation of the outstanding projects was completed, the study estimated the generation of over five lakh additional direct and indirect jobs in the State.

The study has recommended setting up of a monitoring committee under the chairmanship of the Chief Minister or the Deputy Chief Minister. The state government should also give further boost to the start-ups and ancillaries to ensure inclusive sustainable development.

In the year 2022-23, there has been a very significant jump in the new investment projects announced in the state by the private sector of ₹4,07,855.5 crore. The foreign private investment in the state had also gone up in 2022-23.

Karnataka is home to more than 8.5 lakh micro, small and medium enterprises providing employment to over 60 lakh people. The state has invested over four lakh crore in the last five years and is in the 5th place in the country in terms of industrial growth.

The study has emphasized the need for support in terms of entrepreneurial skills, timely and affordable credit, technology adoption, quality production, and a competitive edge to stay ahead in the market. It involved using digital marketing, online platforms, and other digital resources to increase visibility, engagement and customer base, the study said.