Karnataka Chief Minister Siddaramaiah announced on Thursday that the state secured Rs 54,427 crore in Foreign Direct Investment (FDI) during the 2023-24 fiscal year, ranking third in India.
Addressing the public after hoisting the national flag at the Manekshaw Parade Ground on the occasion of the 78th Independence Day, Siddaramaiah highlighted the state's multidimensional programmes in industry, agriculture, infrastructure development, and education aimed at accelerating economic growth. He also emphasised the importance of welfare programmes in the state’s development strategy.
The Chief Minister noted that Karnataka had signed memorandums of understanding (MoUs) with 13 industries, attracting investments worth Rs 42,915 crore and expected to generate approximately 22,600 jobs. Additionally, 591 investment projects were approved through single-window committees during 2023-24, which are projected to bring in Rs 84,232 crore in investment and create employment for 156,986 people.
"Our state ranked first in exports during 2023-24, with a value of USD 166.545 billion, marking a 5.20 per cent growth compared to the previous year," Siddaramaiah said. He also mentioned that preparations for the Global Investors’ Meet—Invest Karnataka 2025—are well underway, with roadshows being held across the country and abroad to attract investors.
The Chief Minister highlighted the Karnataka Clean Mobility Policy 2024-29, which is in its final stage of approval. The policy aims to attract Rs 50,000 crore in investments within the clean mobility vehicle sector and create approximately 100,000 new jobs.
Siddaramaiah also announced the formation of a 'Skill Advisory Committee' to align skill training with the demands of the IT and BT sectors. The committee has submitted a detailed plan for industry-aligned courses, with steps to be taken to impart these skills.
In terms of infrastructure, the Chief Minister said 1,917 km of state highways, 2,502 km of district main roads, and 150 bridges would be constructed in the current year. He also spoke about the "Brand Bengaluru" initiative, which aims to transform the state capital into a world-class city with an investment of at least Rs 48,686 crore. The Peripheral Ring Road project, which aims to reduce traffic congestion in Bengaluru, is a key component of this initiative.
Siddaramaiah further noted that a larger budget allocation has been made to expedite the implementation of the state's irrigation projects, including the Yettinahole Project, which has seen an expenditure of Rs 855.02 crore so far this year.
Addressing the issue of monsoon-related floods in parts of the state, the Chief Minister said he had personally visited the affected districts. He directed officials to provide relief for losses, including compensation of Rs 1.2 lakh and housing for those who lost their homes.
Siddaramaiah stressed the importance of balancing development with environmental conservation, noting that 1,351 villages in 250 Gram Panchayats in the Western Ghats have been identified as landslide-prone by the Geological Survey of India. He said mitigation measures, costing Rs 100 crore, will be undertaken in collaboration with the Geological Survey of India and the National Institute of Rock Mechanics (NIRM).
To address human-wildlife conflict, Siddaramaiah said the government has initiated the construction of 120 km of railway barricades and established seven elephant task forces and two leopard task forces. He also highlighted the success of a recent international conference on preventing human-elephant conflicts held in Bengaluru.
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