Karnataka chief minister Basavaraj Bommai on Monday said he believes the state can clear investments amounting to Rs 1.5 lakh crore within a month.

Speaking exclusively to CNBC-TV18's Ritu Singh, he said Karnataka is competing with Silicon Valley and not with other Indian states, and Karnataka Global Investment Summit (GIS) is different as it doesn't focus on signing a memorandum of understanding (MoU) but bringing in serious investment.

Bommai said the government has approved more than Rs 3.5 lakh crore of projects before coming to the summit and these MoUs were signed in the previous months.

"After identifying their products, processes, technology, land, electricity, etc, we have approved them. So we are not issuing them MoU certificate but we are issuing them investment certificate," the chief minister said.

He added that Karnataka is one of the most technologically advanced states and is home to over 400 R&D centres and 50 percent of India's unicorns.

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