Karnataka secures Rs 10.27 lakh crore investment pledges at summit

Karnataka has attracted investment proposals worth Rs 10.27 lakh crore during the three-day Invest Karnataka summit, which concluded on Friday. The commitments are expected to generate over six lakh jobs, significantly boosting employment across the state.

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Announcing the figures, Karnataka’s Minister for Large and Medium Scale Industries, MB Patil, expressed the state’s determination to materialize at least 70% of these investments within the next two years. Notably, over 45% of the proposed investments are directed towards North Karnataka, reinforcing efforts to ensure balanced regional development.

Breaking down the investments, Rs 4.03 lakh crore comprises publicly announced commitments, while Rs 6.23 lakh crore stems from MoUs signed at the event. Nearly 75% of these proposals focus on areas beyond Bengaluru, aligning with the government’s vision for decentralized industrial growth.

The renewable energy sector emerged as the top beneficiary, securing 41% of total investments. Major commitments include Rs 1.38 lakh crore for industries such as aerospace, electric vehicles, and R&D, while core manufacturing, including steel and cement, attracted Rs 1.59 lakh crore.

Key announcements include JSW Group’s Rs 1.2 lakh crore investment in renewable energy, steel, and cement, Baldota Steel’s Rs 54,000 crore steel plant, and Lam Research’s Rs 10,000 crore semiconductor venture. The summit also saw significant pledges in electric mobility, logistics, and advanced manufacturing, cementing Karnataka’s position as a top investment destination.