Invest Karnataka to be made a permanent body

Bengaluru: In a  far reaching decision, the state government has decided to wind up Karnataka Udyog Mitra, the nodal agency that processes industrial investments  and replace it with a new authority, Invest Karnataka Board, which will be formed on the lines of the Singapore Economic Development Board. 

The new authority will leverage businesses in three stages, according to highly placed sources.

“There were a lot of inadequacies with Udyog Mitra. We have received several complaints from industries about it. Investors were turned away as the process and people made  business difficult. The advisory committee for industries had strongly recommended forming an autonomous body with representatives of industries as board members to help ease things. There will soon be an announcement on the formation of Invest Karnataka,” sources said. 

The Invest Karnataka Board will be an autonomous authority and  be driven by the board of directors mainly drawn from the business fraternity.

“The board will have ‘SOP’ standard operating procedures and will function in three stages – attracting investments, facilitating paperwork and groundwork and  providing infrastructure.  

From scratch to the opening of new businesses, the board will facilitate everything,” sources revealed .  As for Udyog Mitra , it is not clear whether it will be merged with a new board or dismantled entirely.      

The Invest Karnataka Board will be an autonomous authority and  be driven by the board of directors mainly drawn from the business fraternity.

“The board will have ‘SOP’ standard operating procedures and will function in three stages – attracting investments, facilitating paperwork and groundwork and  providing infrastructure.

Central, state govts not enemies: Ministers
Invest Karnataka — 2016 kicked off on Wednesday with Union ministers Arun Jaitley, Venkaiah Naidu, Nitin Gadkari and Ananthkumar assuring the Centre’s full cooperation in paving the way for investors to set up shop in Karnataka and do business without any hassles.

They also made a string of other promises related to providing elevated corridors, a suburban train service and extension of the Metro rail in Bengaluru.

“The Union government promises to provide counter guarantee for the state and investors,” said Union Urban Development Minister, Venkaiah Naidu , declaring that the Congress government in the state and the BJP government at  the Centre were not enemies.

“We consider other parties as rivals and not enemies. We need to shed our political differences and make progress faster. After 68 years of independence, the gap between the state and central government should be bridged to move forward,” he added.

“Investors expect all necessary infrastructure like access, power and other necessary approvals all at a good pace for their businesses to prosper. Karnataka with its natural and human resources is one of the top cities feasible for investments. Come invest in Karnataka. Make India prosperous and become prosperous  yourself,” he told the many industrialists from around the country and world attending the meet..

Pointing out that industries have been complaining of poor infrastructure and major traffic congestion in Bengaluru, Union Minister for Road Transport, Highways and Shipping, Nitin Gadkari said they were looking at both the state and Union governments to resolve these problems.  

“As transport minister I am ready to solve the problem of congestion if Karnataka is ready to share cost of land acquisition the Union government,” he assured.

Besides developing thee Shiradi Ghat, the Bengaluru—Mysuru highway will be improved to up  investments and growth.