Chief Minister B.S. Yediyurappa on Wednesday claimed that amendments to the Land Reforms Act brought about by his government were mainly responsible for Karnataka accounting for 42% FDI that has flown to the country despite COVID-19.
Addressing the general body meeting of FKCCI in Bengaluru, he described the amendments as reformative and said such changes had now made it easy for investors to buy farm land.
He said the State government had brought in changes to the legislation concerned under ease of doing business to simplify various procedures related to getting clearances for investors. Accordingly, now there is no need for the investors to get immediate clearances from authorities and it can be obtained just before commencement of their units, he noted.
Expressing concern that COVID-19 had pushed the global economy to a level of serious crisis apart from impacting the public health, he described the resuming of work by commercial institutions, MSMEs and big industries as a development that has created a new hope.
He maintained that the COVID-19 relief packages announced by the Union Government and the state would help in instilling confidence in entrepreneurs as well as improving their financial condition.
Besides this, the state government was also working towards bringing about more reforms in the legislations related to labour, he said.
The government had already made efforts to help provide a boost to the growth of economy by announcing new Industrial policy and bringing about amendments to various legislations, he claimed.