Karnataka holding position for 20 years despite political changes: Jindal

Karnataka is holding its position, attracting business investments from all over the world and growing its economy constantly over the last 20 years, irrespective of changes in political administration, said Sajjan Jindal, Managing Director, JSW Steel and CMD of JSW Group of Companies.

“The State has been the front runner in industrial growth in the last over 20 years. This clearly indicates that it truly offers the right economic growth environment,” he said, while speaking at Global Investors’ Meet on Wednesday.

Echoing similar sentiments, Vikram Kirloskar, CMD, Kirloskar Systems, said, “Despite all kinds of political power changes, the State has been growing steadily over decades as it has been capable of maintaining an attractive investment climate.”

Addressing a mixed gathering comprising tech and non-tech leaders, Wipro Chairman Rishad Premji said Karnataka has been extremely successful in developing the IT Industry for India and so far the country’s total IT exports may have exceeded the value of its oil imports. He said he was extremely bullish about long-term prospects of the IT industry despite current global economic concerns.

“My confidence is driven by two things: the rapid pace of digitisation across the world and the shift in the mindset of stakeholders who engage with us as an industry,’‘ Mr. Premji said.

Sterlite Power MD Pratik Agarwal said a large chunk of its proposed ₹50,000 crore investment in renewable energy would be in Karnataka. “We have planned to increase our renewal capacities ten-fold and invest close to ₹50,000 crore in renewable generation in the next five years. A large chunk of this investment will come to Karnataka,” he confirmed.

Adani Group has already invested over ₹20,000 crore in multiple sectors including cement, power, city gas, and edible oil to transport, logistics and digital, according to Karan Adani, CEO of Adani Ports & SEZ. “In all sectors combined, we would be investing almost ₹ 1 lakh crore in the next seven years in the State,” Mr. Adani added.

Mr. Jindal also said in the last over 20 years, Jindal Group has invested over ₹1 lakh crore in Karnataka while a similar size of investment would be made in the State in the next five years.