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)