Bengaluru, November 2: Pitching Karnataka as a key investment destination, Prime Minister Narendra Modi on Wednesday praised its culture, language and people, and said the power of "double engine" government is one of the reasons for its fast-paced growth in several sectors.

The PM's stress on "double engine" government (same party in the government at both State and Centre), while delivering inaugural address at the three-day Global Investors' Meet, 'Invest Karnataka 2022', via video conferencing, gains significance, as the State goes to polls in about five months. Invest Karnataka Summit 2022: PM Narendra Modi Says World Considers India as 'Bright Spot'.

"Karnataka has the power of double engine, with the same party (BJP) in the government at both State and Centre. That is one of the reasons why the State is growing at a fast pace in several areas and is holding top ranking in ease of doing business and FDI inflow," Modi said.

The state also has about 400 'fortune 500 companies', and more than 40 of the 100 plus unicorns in the country, he noted. "Karnataka is today known as one among the world's largest technology clusters. From industry to IT, fin-tech to biotech, startup to sustainable energy, new records of progress are being written here."

Karnataka is not only challenging other states in India, but a few countries too, he said, adding that "whenever there is a talk about talent and technology, the name that first appears in the mind is: 'Brand Bengaluru'. It is established across the world."

'Invest Karnataka 2022' is said to be the first such large-scale investors meet in the country after COVID. Welcoming investors to invest in the state, Modi said, "Karnataka is a place where there is both tradition and technology, there is a great amalgamation of nature and culture, and its identity is associated with both wonderful architecture and vibrant startups."Invest Karnataka Summit 2022: PM Narendra Modi Says World Considers India as 'Bright Spot'

Karnataka is known for its most beautiful natural hotspots, he said. "the soft language Kannada, the rich culture here, and a sense of belongingness among Kannadigas towards all, has won the hearts of everyone." Modi further said the organising of the Global Investors Meet is the best example for competitive and cooperative federalism.