Since April 2023, Karnataka has witnessed remarkable industrial growth and an investment boom under M. B. Patil, the Hon’ble Minister for Large and Medium Industries and Infrastructure Development.
Over INR 1 lakh crore has been secured in investments, with the State High-Level Clearance Committee (SHLCC) and the State Level Single Window Clearance Committee (SLSWCC) approving INR 84,000 crore. Patil’s strategic vision has transformed Karnataka into a premier investment destination by fostering a business-friendly environment and championing innovative policies.
Significant investments during Patil’s tenure include Foxconn’s INR 22,000 crore investment for a 300-acre iPhone assembly unit, JSW Energy’s INR 4,960 crore wind power generation facility, Toyota Kirloskar’s INR 3,700 crore for expanding manufacturing facilities, and Air India’s INR 1,750 crore Maintenance, Repair, and Overhaul (MRO) facility. These investments, among others, reflect Karnataka’s attractive investment climate and potential for industrial excellence.
Patil has also promoted Karnataka on the global stage. During a 12-day visit to the United States, he engaged with 36 companies, securing approximately $3 billion in investment interests. At the World Economic Forum in Davos, he participated in over 50 meetings, resulting in seven Memoranda of Understanding (MoUs) valued at INR 22,000 crore and additional investment interests worth INR 700 crore. These efforts underscore his commitment to fostering global partnerships and driving economic growth.
Under Mr. Patil's guidance, Karnataka is developing a new Industrial Policy to align with global trends and attract international investments. This policy emphasizes future technology manufacturing and includes the formation of the Strategic Investments Committee (SIC) and Vision Groups for strategic direction. Patil has also envisioned establishing a Knowledge, Health Care, Innovation & Research City, focusing on six emerging sectors: Health Tech, Industry 4.0, Future Mobility/ESDM, Advanced Materials, Smart Infrastructure, and Space Tech. Additionally, he has drafted a Clean Mobility and Warehousing Policy to promote sustainable industrial practices and modernize logistics infrastructure. His initiatives aim to position Karnataka as a leader in industrial excellence and economic prosperity.