High profile participants, five star hospitality, and chief minister BS Yeddyurappa and cabinet colleagues beaming in designer suits: the two-day Global Investors Meet (GIM) oozed glitter and pomp. At the venue and beyond, there are people asking, “At what cost, this glitter? And was it worth it?”
“The show was excellent. It has definitely cost a lot and I do not want to hazard a guess. But the spending is worth it in this case,” says Aroon Raman, chairman of state council of the Confederation of Indian Industry. If even 50% of the Rs4 lakh crore investment proposals recorded at the GIM is realised, it will make a huge impact on the state’s economy, pushing up living conditions for lakhs of families, Raman contends.
Ahead of the event in the city, the state government conducted huge road shows in USA, China, South Korea, Singapore and Malaysia. There were also special shows around the event in the different metros of the country. The special convention halls erected for the GIM and other facilities at the Palace Grounds cost the government about Rs4 crore. The meals offered to delegates were grand spreads, with both vegetarian and non-vegetarian options, and a range of breakfast items, snacks and beverages. Lodging facilities for hundreds of delegates was made at five-star hotels in the city.
J Crasta, president of the Federation of Karnataka Chambers of Commerce and Industry estimates that the entire cost of hosting the grand event could be in the range of Rs200 crore. He said that expenses on the road shows, hospitality, arrangements for the show and huge publicity across the world could have cost at least as much.
Despite the hefty bill, Crasta is all praise for the GIM. Considering the impact and benefits that would result, every rupee spent on it is worth it, he says. “There is huge competition to woo investors all over the world. Such a show is needed to take a big leap in economic development. The best part is that it will benefit backward areas the most,” he said.
Large and medium industries minister Murugesh Nirani said the show was not so expensive, after all. “We spent just about Rs30crore. And that did not come from the exchequer. Part of the interest we are earning from the huge deposits collected by Karnataka Industrial Areas Development Board from industrialists is being spent for the GIM,” Nirani explained.
