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Prime Minister Narendra Modi recently inaugurated the Invest Karnataka 2022 Summit.
Current Affairs Important Points
What is Invest Karnataka 2022?
- Invest Karnataka 2022 Summit is a global investment summit organized in Bengaluru to attract foreign investment and prepare a development plan for the next decade. The three-day summit began on November 2 this year. In this event the state can showcase its cultural and investment potential to countries around the world. It is being held under the theme “Building for the World”. The theme reflects the Government of Karnataka’s aim to take advantage of the global supply chain.
- More than 80 speakers are participating in the summit, including prominent industrialists like Kumar Mangalam Birla, Sajjan Jindal and Vikram Kirloskar. More than 500 exhibitors will have the opportunity to present their ideas in several business exhibitions organized with speaker sessions.
- The event includes country sessions. Each of these sessions will be hosted by partner countries – France, Germany, the Netherlands, South Korea, Japan and Australia. High-level ministerial representatives and industry representatives from respective countries will participate in these sessions.
What is the main result of the first day of the event?
- On the inaugural day of Invest Karnataka 2022, the state government signed memorandums of understanding (MoUs) worth Rs. 5.20 lakh crore.
- Many industry leaders have announced investments in Karnataka.
- 7 companies have invested Rs 2.9 lakh crore in the ‘Manufacturing – Green Hydrogen and Derivatives’ sector. These companies include ACME, ReNew, ABC, Avaada and JSW.
- Under the ‘Renewable Energy’ sector, MoUs worth Rs 1.29 lakh crore have been signed. Vedanta has invested Rs 80,000 crore in this sector.
- Under the ‘Manufacturing – Sunrise’ sector, the state government has entered into contracts worth Rs 47,475 crore with 7 companies involved in developing electronic system design and manufacturing.
- MoUs worth Rs 25,024 crore have been signed with 6 companies in key manufacturing sectors such as mining, iron, steel and cement.
- MoUs were signed for e-mobility, aerospace and defense sectors and companies involved in FMCG, sugar, bio-fuel and optical systems industries.
- Even at this summit, investment in the state is expected to touch Rs 7.15 lakh crore, surpassing the expected Rs 5 lakh crore.