Karnataka Cabinet clears Rs 40 crore for investors meet

Karnataka Cabinet today gave its approval to conduct global investors meet here next month with a budgetary outlay of Rs 40 crore, official sources said.

‘Invest Karnataka 2016’, a three-day event, will begin here on February 3 where Finance Minister Arun Jaitley will be the chief guest at the inaugural ceremony.

Among industry leaders who have confirmed attendance at the meet are Ratan Tata, Anil Ambani, Anand Mahindra, Sajjan Jindal, Narayana Murthy, Kiran Mazumdar-Shaw, Devi Prasad Shetty, Kris Gopalkrishnan, Gautam Adani and Kumar Mangalam Birla.

Invest Karnataka website lists out Union Ministers Nitin Gadkari, Venkaiah Naidu, Suresh Prabhu and also Congress Vice President Rahul Gandhi among the dignitaries attending the investors meet.

Organisers had earlier said that partner countries that have confirmed their participation in the summit include France, Japan, Sweden, South Korea, the UK, Italy and Germany.

Karnataka will be showcasing 145 projects to investors during the event.

The government has also approved Rs 110 crore to provide underground drainage system in 110 villages that come under the limits of city civic body Bruhat Bengaluru Mahanagara Palike (BBMP), officials said.

The Cabinet also agreed to release 120 life convicts who have completed 14 years of imprisonment without remission and 255 convicts who have completed 14 years imprisonment with remission on account of Republic Day for their good conduct, officials said.

These convicts are lodged at jails in seven different districts of the state, out of whom 13 are women, they said.