State signed MoUs worth Rs 1.3 lakh cr in renewable energy sector: Karnataka CM

Bengaluru, Sep 15: Karnataka Chief Minister Basavaraj Bommai on Thursday said the State has signed memoranda of understanding worth Rs 1.3 lakh crore in the renewable energy space and soon work will start in the area of hydrogen fuel.

The Chief Minister said his government wants to set up industries all along the Karnataka stretch of the Mumbai-Chennai corridor and renewable energy all along the seashore. "We are doing extensive work in the field of renewable energy.

We will soon start producing hydrogen fuel. We have signed Rs 1.3 lakh crore worth MoUs in renewable energy," Bommai said. He was speaking at the inaugural function of the Indian Manufacturing Show-2022, organised by the 'Laghu Udyog Bharati' at the Bangalore International Exhibition Centre.

"There will be production of biofuel, solar, and hydrogen. We are going to produce ammonia from sea (water). It's an essential part of our agenda," the Chief Minister said.

"Karnataka takes steps, which others will follow", Bommai said, adding that the state recognises the entrepreneurship, research and development, skills and capital of the industrialists and helps them in whichever way it can. In this regard, he said the state has taken steps to offer the PLI (production linked incentives) to the industries.

Speaking about the progress made in the defence sector, Bommai said earlier 90 per cent of the defence equipment were imported right from raincoat, daily use materials for the soldiers and also coffins. "Now 60 per cent of the defence requirement is produced in India by the Indians.

To make this possible, a strong R&D is required, which we have started achieving. We will achieve 90 per cent manufacturing of defence equipment in the coming days," the Chief Minister said. He also said that India has switched from a defence equipment importing country to an exporting country.

"This is the change that is happening. It shows India has got the potential. It has to be explored, supported and harnessed. We need (to ensure) that talent gets recognised," Bommai said. According to him, this was an era of change and the "curve of change is going upward".

"We are lucky to be living in this time. Make best use of this time," the chief minister in his appeal to the industrial leaders. He said the state has the best industrial, electric vehicle, employment and R&D policies.

"The more you employ our local youth, we will give you more incentives," Bommai told the gathering. He also appealed to leaders of industry to participate in the Global Investors' Meet (GIM) here from Nov 2 to 4, organised by Karnataka Government, and make the event successful.