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India's Karnataka state draws investment proposals worth $115 billion, spokesperson says
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India's Karnataka state draws investment proposals worth $115 billion, spokesperson says
Feb 11, 2025 7:24 AM

BENGALURU, Feb 11 (Reuters) - India's southern state of

Karnataka has received investment proposals worth nearly 10

trillion rupees ($115.31 billion), a government spokesperson

said, as the country tries to bolster its manufacturing sector

and generate jobs in a slowing economy.

The proposed investments would focus on areas such as

renewable energy, steel, semiconductors and automobiles, the

spokesperson said at the 'Invest Karnataka' event on Tuesday.

To be sure, not all proposals have been confirmed and the

government has not provided a timeline for these investments.

The state government aims to implement at least 70% of

proposals, up from 40% to 50% after the event's 2022 edition,

the New Indian Express newspaper reported last week, citing a

state minister.

Companies that have pledged investments included India's

Mahindra and Mahindra and JSW Group, Germany's Bosch

, Japan's Toyota Motor ( TM ) and Taiwan-based

Foxconn.

Karnataka, which includes the IT hub of Bengaluru, is among

the top contributors to India's economy and is a major exporter

of software, IT services and manufactured goods.

The investment commitments also come amid New Delhi's push

to boost domestic manufacturing and reduce imports as it looks

to take advantage of Sino-U.S. tensions that have led companies

such as Apple ( AAPL ) to diversify their manufacturing

operations away from China..

Inaugurating the event, Indian Defence Minister Rajnath

Singh said India's growing economy and strong consumption make

it an investment target, with recent moves like a personal

income tax cut set to fuel demand.

The JSW Group, whose business spans industries including

cement, steel, paints and energy, will invest 1.2 trillion

Indian rupees ($13.84 billion) to expand its operations in the

state, Chairman and Managing Director Sajjan Jindal said.

Mahindra, which already has a strong presence in Karnataka,

plans to invest nearly 400 billion Indian rupees in the

state($4.61 billion) over the next few years, chairman Anand

Mahindra said at the event.

($1 = 86.7240 Indian rupees)

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