Bengaluru (Karnataka) [India], July 6 (ANI): Karnataka Minister for Large and Medium Industries, MB Patil, stated on Saturday that Rs 3.4 lakh crore worth of formal project applications have been filed out of the 5.56 lakh crore investment commitments made for the manufacturing sector during the Global Investors Meet (GIM) - Invest Karnataka 2025. This amounts to a 62% conversion rate.

Speaking at an exclusive session organised by the Confederation of Indian Industry (CII) in the presence of Union Minister for Commerce and Industry Piyush Goyal, MB Patil attributed this impressive conversion as a result of sustained post-MoU engagement with investors, ensuring that intent translates into tangible action.

'Companies such as Krones, Safran, TASL, and many others have already filed formal applications with the state, with several having already commenced groundwork. Additionally, with both IndiGo and Air India now operating MRO (Maintenance, Repair and Overhaul) facilities in Karnataka, alongside TASL's upcoming MRO unit and HAL's existing operations, Karnataka has truly earned its place as the 'MRO Capital of Asia',' Patil noted.

Patil further stated that out of the total Rs 10.27 lakh crore worth of investment commitments received during the GIM, proposals valued at Rs 4.34 lakh crore or about 42 per cent, have already materialised into project applications.

He positioned Karnataka as a reliable partner in the evolving global economic landscape. He said, 'As the world adopts the China+1 strategy and responds to uncertainties caused by global conflicts, Karnataka has emerged as a dependable and natural partner. We are building not just industrial parks, but self-contained ecosystems that are future-ready and innovation-driven.'

The new State Industrial Policy, launched during the GIM, has been widely appreciated for its progressive and inclusive framework. The policy places a strong emphasis on sustainability by integrating decarbonisation goals, green regulatory frameworks, and dedicated promotion of green industrial practices.

It also offers targeted additional incentives for Zone 1 and Zone 2 districts, supporting balanced regional development. (ANI)