62 pc of GIM manufacturing commitments converted to project proposals: Minister Patil

Bengaluru, Jul 5 (PTI) Karnataka Large and Medium Industries Minister M B Patil on Saturday said that of the Rs 5.56 lakh crore investment commitments received for the manufacturing sector at the Global Investors Meet—Invest Karnataka 2025—proposals worth approximately Rs 3.4 lakh crore have already resulted in formal project applications.

This means 62 per cent of the manufacturing sector commitments have been converted into project proposals. Patil said this strong conversion rate reflects sustained post-MoU engagement with investors, ensuring that investment intent translates into tangible action.

The Minister was speaking at an exclusive session with Union Commerce and Industry Minister Piyush Goyal, organised by the Confederation of Indian Industry (CII), his office said in a statement.

"Companies such as Krones, Safran, TASL, and several others have already filed formal applications with the state, with many having commenced groundwork," Patil said.

"With both IndiGo and Air India operating MRO (Maintenance, Repair, and Overhaul) facilities in Karnataka, along with TASL’s upcoming MRO unit and HAL’s existing operations, Karnataka has truly earned its place as the ‘MRO Capital of Asia’, he added.

Patil noted that of the total Rs 10.27 lakh crore investment commitments secured during the GIM, proposals worth Rs 4.34 lakh crore —nearly 42 per cent—have already been converted.

"As the world adopts the China+1 strategy and responds to uncertainties caused by global conflicts, Karnataka has emerged as a dependable and natural partner. We are building not just industrial parks, but self-contained, future-ready, innovation-driven ecosystems," he added.

Patil said the new State Industrial Policy, launched during the GIM, has been widely appreciated for its progressive and inclusive approach.

The policy places a strong emphasis on sustainability, integrating decarbonisation goals, green regulatory frameworks, and dedicated promotion of environmentally friendly industrial practices, he added.

It also offers targeted incentives for zone 1 and zone 2 districts to support balanced regional development, he said.

Highlighting the government's commitment to aligning policy with industry needs, the Minister said the policy includes special incentives for generating local employment, encouraging women's participation in the workforce, and promoting the relocation of R&D operations to Karnataka. PTI KSU SSK