Qualcomm, a US-based semiconductor and technology company, has announced its plans to invest Rs 175 crore for expanding the R&D (Research and Development) unit in Bengaluru. Often hailed as the Silicon Valley of India, Bengaluru is a hot spot for tech and IT companies to set up their offices and R&D centers due to easily available resources. The investment from Qualcomm is expected to bring about 1,553 jobs. Qualcomm's investment is one among the 62 investments Karnataka's State Level Single Window Clearance Committee (SLSWCC) has cleared.
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MB Patil, industries minister said that the total investments coming in are worth Rs 3,067 crore. It is a positive development for the city and the state as these investments are expected to create about 10,755 jobs. There are 8 projects with an investment value above Rs 50 crore and most of the new jobs will come from them. These large value investments will generate around 6,630 jobs.
According to an ET report, some of the top investors on the list are Bren Life Sciences, Hundri Sugars and Ethanol Private Ltd, Texcon Steels, Alpine Ethanol, and Virupaksha Laboratories. Over 51 investments of the total 62 have an investment value between Rs 15 crore and Rs 50 crore. These 51 investments are expected to generate about Rs 4,395 jobs and are worth Rs 941.40 crore.
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These investments are great news for the economy and would certainly add to the IT and tech ecosystem of the country. Companies like Qualcomm see a good opportunity to invest in India because of the large available talent pool. Further, the government is encouraging MNCs (multinational companies) to come and invest in India and gain financial benefits. The report added that there were three more projects that were approved, with an additional investment of Rs 577.35 crore.
