Karnataka urges for Investment in the State

Karnataka Revenue Minister, V Srinivas Prasad said the state is a favourite destination for investors as compared to other states since it does not have any labour problem.

While inaugurating an awareness programme on Delayed Payment to Micro and Small Enterprises and Mysore Regional Micro and Small Enterprises Facilitation Council on Wednesday, he categorically said the total absence of labour unrest and the conducive work atmosphere in Mysore and other regions has attracted investor to the state from all over the globe.

Prasad said the state government have brought necessary amendment to the Revenue Act thus making provisions for the hassle free conversion of land and allowing purchase of agriculture land.  He also said they have planned to organise a meet to attract investments especially in the tourism sector.

We should identify few tourist spots and promote it in a big way so that it contributes to the economy and generate additional employment, he said.

The minister announced that Asian Paints will shortly set up its biggest unit in Nanjungud.

He also said the proposal for setting up film city at Himmavu will come up for discussion before the next state cabinet meet.  About 40 Acres of land will also be sanctioned to International Buddhist Society.

On the occasion, Director MSME-Di Bangalore, SN Rangaprasad explained in detail the Delayed Payment Act 2006 and the formation of Mysore Regional Micro, Small enterprises facilitation Council headed by Regional Commissioner of Mysore where Mysore Industries Association President and Secretary is also one of the member.

Mysore Industries Association, General Secretary Suresh Kumar Jain in his keynote address said nearly 93 per cent of enterprises are funded by private financiers only 7 per cent of the enterprises are with banks most of the major industries and PSU’s are functioning with the funds of small scale industries which they are due for their supply.

According to Facilitation Council Purchasing Industries should pay for their purchases from Micro and Small Enterprises within 45 days from the date of acceptance and purchase of the material beyond that they have to pay 3 times the PLR Rate of interest, Purchaser also had to publish In their Annual Reports the Principle and Interest amount  due to  Micro and Small Enterprises in the financial years.

President MIA, P Vishwanath welcomed the gathering while Deputy Director DIC, MN Murulesh proposed vote of thanks.

Nearly 160 entrepreneurs officers  of Mysore, Mandya, Chamarajanagar, Kodagu, Udupi, Dakshina Kannada, Hassan, Mangalore District Industries Centre were present in the event.