High on hype: How investment announcements at Karnataka Global Investors Meet fared?

However, successful a effect to an unstarred question by JD(S) MLC S L Bhojegowda successful the Legislative Council successful February 2024, the Industries Department said that the full worth of the 57 MoUs signed by the authorities astatine GIM-2022 was 5.41 lakh crore. The full fig of jobs projected to beryllium generated owed to the concern was 2.81 lakh.

The reply besides revealed that 14-months since the investments were announced, lone 2 projects worthy astir Rs 22,000 crore – 4 per cent of the worth of MoUs signed – had received clearance from SHLCC and SLSWCC. While SHLCC clears projects valued implicit Rs 500 crore, SLSWCC approves concern projects costing Rs 15 crore to Rs 500 crore.

Of the remaining, 18 projects had applied for clearance portion 37 companies that signed MoUs with the authorities had not applied for support from the 2 Committees. Though the companies person 3 years aft signing MoUs to acceptable up industries, the information reflected allegations that lone a tiny information of the concern was realised.

The contented was highlighted during a treatment successful the Council implicit GIM expenditure successful the 2022 wintertime league of the legislature. Congress MLC U B Venkatesh had noted that during the archetypal GIM successful 2010, the authorities claimed to person signed MoUs worthy Rs 3.94 lakh crore. “But successful reality, lone 14 per cent of the proposals were realised,” helium had said. The Congress, which was successful the Opposition then, had besides flagged the monolithic expenditure for the three-day event.

For the existent variation of GIM scheduled from February 12 to 14, the Karnataka authorities cleared an expenditure of Rs 75 crore successful a Cabinet gathering held successful June 2024.

Other clearances

The inclination of big-ticket concern announcements remaining connected insubstantial is besides seen among projects cleared by SHLCC and SLSWCC.

Data shows that betwixt 2013-14 to 2024-25, the SHLCC cleared 260 projects worthy Rs 6.45 lakh crore. As of November 2024, little than fractional of these projects valued astatine a 4th of the full concern promised – 106 worthy Rs 1.65 lakh crore – was implemented. While 34 projects were dropped, 120 were ‘under implementation’.

Even the projects cleared by SHLCC successful 2013-14 were nether implementation, according to data. In the said year, 46 projects worthy Rs 39,450 crore were cleared, of which 20 with an concern of Rs 22,210 crore were implemented, 10 (Rs 5,023 crore) were nether implementation and 16 projects (Rs 12,216 crore) were dropped. Similarly of the 36 projects worthy Rs 52,148 crore cleared successful 2014-15, 17 worthy Rs 4,803 crore were realised, 12 (Rs 44,507 crore) were nether implementation and 7 (Rs 2,837 crore) were dropped.

A akin inclination is besides seen successful projects approved by SLSWCC. In the play betwixt 2013-14 to 2024-25, the Committee cleared 3,681 projects worthy Rs 2 lakh crore. As of November 2024, lone 579 projects worthy Rs 42,808 crore were implemented, portion 2,759 proposals worthy Rs 1.42 lakh crore were ‘under implementation’. The fig of projects dropped was 343, valued astatine Rs 15,449 crore.

For GIM 2025, Karnataka Industries Minister M B Patil has said that concern to the tune of Rs 10 lakh crore was expected crossed cardinal sectors. The curate said precocious that the authorities had acceptable a people of realising “at slightest 70 per cent” of these commitments.