Karnataka is currently the second largest recipient of foreign direct investment in India, as it approved 934 FDI proposals worth Rs 7826 crore (Rs 78.26 billion) during this year.

In his address to the Karnataka assembly, Governor T N Chaturvedi said on Monday that the state was steadily moving towards creating a vibrant and healthy business climate.

A positive beginning was made in the Global Investors Meet of 2000, which had been followed up by the Coastal Investors Meet in December 2003, he said.

Between these two meetings, 150 mega projects with an investment of Rs 59,625 crore (Rs 596.25 billion) and 601 large and medium projects with an investment of Rs 11,205 crore (Rs 112.05 billion) had been approved, he said.

Implementing its policy of divestment, the state government had identified 20 public sector units in the first phase and 19 in the second phase for privatisation and closure.

The government had already issued closure orders in respect of 13 units and privatisation in respect of four units, the Governor said.

Karnataka remained the most sought after place for information technology industry in India, Chaturvedi said.