Karnataka emerged as the most attractive investment destination with investment commitments of Rs 1,47,625 crore from January to September, Industries Minister RV Deshpande said on Thursday.
"As per the Department of Industrial Policy and Promotion (DIPP) SIA Index, Karnataka accounted for 44.43% (Rs 1,47,625 crore) of the total investment intentions in the country in the first nine months (January-September) of 2017, making the state achieve the top spot again," Deshpande said in a statement in Bengaluru.
According to the Ministry of Commerce and Industry, under which he DIPP functions, Karnataka is at number one spot in terms of investment intentions, followed by Gujarat with Rs 65,741 crore, Maharashtra Rs 25,018 crore, Andhra Pradesh Rs 24,013 crore, and Telangana Rs 12,567 crore, received from January to September.
"Karnataka has the distinction of being one of the fastest growing state economies due to the trust reposed by investors and entrepreneurs," the Minister said.
Claiming that economic and administrative reforms in two decades had transformed Karnataka into a market-based economy, Deshpande said as a premier investment destination, the southern state had rich demographics to meet the demand-supply elements of businesses, including human capital and talent.
"The state accounts for a significant share in exports. Of the total Foreign Direct Investments (FDI) flowing into the country, the state has attracted $24.63 billion (Rs 137,774 crore) from April 2000 to June 2017," said Deshpande.
With robust ecosystem and resilient domestic players to invest and innovate, the state has been working overtime to consolidate its position as a top investment destination by formulating business-friendly policies, single-window clearances, and timely services to entrepreneurs under its 'Sakala' system.
"We have been proactive in improving the ease-of-doing business in the state with numerous initiatives, sending right signals and assuring domestic and overseas investors of time-bound approvals, incentives and tax reliefs," the Minister added.