Karnataka Ranks Third With Rs 54,427 Cr FDI In 2023-24: CM Siddaramaiah

Citing several multidimensional programmes in the areas of Industry, infrastructure development and agriculture to boost economic growth, the Chief Minister of Karnataka Siddaramaiah stated that the state has ranked third in the country in terms of foreign direct investment (FDI) during 2023-24. The CM highlighted that the state has drawn Rs 54,427 crore FDI during the last financial year.

While delivering his address on the occasion of the 78th Independence Day, he stated that the state has signed a memorandum of understanding (MoU) with 13 Industries. These are expected to not only bring in investments worth Rs 42,915 crore but also generate 22,600 job opportunities.

Highlighting that the state has given approval to 591 investment projects through single window committees during 2023-24. As per the CM, this is likely to create 1,56,986 employment opportunities by bringing in investments worth Rs 84,232 crore.

Talking about the performance of the export segment, the chief minister stated that the state has ranked first in exports during 2023-24, with a value of USD 1,66,545 million and the growth is 5.20 per cent higher as compared to the previous year.

While stating that transportation connectivity and infrastructure development are the accelerators of economic growth, he highlighted that 1,917 kilometres of state highways and 2,502 kilometres of district main roads along with 150 bridges will be built in the ongoing year.

As per the data from the Department for Promotion of Industry and Internal Trade (DPIIT), Maharashtra topped the charts by attracting the highest foreign direct investment during 2023-24. The state received FDI amounting to Rs 1,25,101 crore in 2023-24, up from Rs 1,18,422 crore in 2022-23.

Gujarat secured the second spot in the list by attracting FDI worth Rs 60,119 crore during 2023-24, a 62 per cent increase over the previous year.

While Karnataka managed to secure the third spot with Rs 54,427 crore worth of FDI in 2023-24, it witnessed a decline in investment numbers. In 2022-23, the state received FDI worth Rs 83,628 crore.