Karnataka to host GIM in February 2022; incentives for oxygen manufacturers

Bengaluru: The Karnataka Cabinet on Thursday decided to organise the Global Investors Meet (GIM) in Bengaluru in February 2022.

Besides this, the Cabinet also approved a special incentive programme for oxygen manufacturing and associated enterprises in the State.

After the Cabinet meeting, Law and Parliamentary Affairs Minister, Basavaraj Bommai, told reporters that the three-day 'Invest Karnataka 2022' Global Investors' Meet will be held in Bengaluru from February 9-11 next year, to attract investments in the State.

"The event will be held at the Palace Grounds in Bengaluru," he said, adding that already a lot of groundwork has been done by the industries department for the GIM.

"The industries department has been interacting with several multinational companies in this regard. Despite the Covid-19 pandemic, the industry sector has responded positively towards this event," he said.

The GIM was originally planned for November 2020, but due to the outbreak of the pandemic in March last year and the resultant lockdowns, it had to be postponed.

Meanwhile, the Cabinet has also approved a special incentive programme exclusively to promote the oxygen manufacturing sector in the state.

Recalling the horrors of oxygen short-supply during the second wave of the pandemic, Bommai said that the state government wishes to encourage the oxygen manufacturing sector in the State.

According to him, the incentives include capital subsidy of 25 per cent of the value of fixed assets subject to minimum investment of Rs 10 crore, 100 per cent exemption from electricity duty for three years after commencement of commercial production, and additional power tariff subsidy of Rs 1,000 per metric tonne supply to the government.

"There will also be 100 per cent stamp duty exemption and reimbursement from loan and land documents, concessional registration charges, and 100 per cent reimbursement of land conversion fees," he added.

The minister said that at present, the state has only nine oxygen manufacturing units and six suppliers.

"Currently our manufacturing capacity stands at 815 MT and the storage capacity is 5,780 MT. Against this background, we wish to augment oxygen manufacturing capacity in the state. If any entrepreneur comes forward, we are ready to offer incentives," he said.