On Monday, Karnataka Minister MB Patil revealed the state’s ambitious goal to achieve a USD one trillion economy by 2032, aiming for sustained growth at a rate of 18 percent.
Karnataka’s Large and Medium Industries Minister MB Patil declared on Monday the state’s objective of reaching a USD one trillion economy by 2032, targeting a consistent growth rate of 18 percent.
He addressed delegates from more than 30 countries at the 54th World Trade Centres Association (WTCA) Global Business Forum, which is being hosted in Karnataka for the first time and only the second time in India. The event, jointly organized by the New York World Trade Centres Association and the Bengaluru World Trade Centres Association, was inaugurated by Deputy Chief Minister DK Shivakumar.
In collaboration with the private sector, the government has been providing manufacturers with assistance through various land and infrastructure initiatives to establish plug-and-play industrial parks and clusters across thousands of acres of industrial land in the Beyond Bengaluru region. The Minister emphasized the importance of modernizing supply chains by linking developed and proposed clusters to ports, railways, and airports, which would greatly enhance the sector’s growth potential.
“Over the last five years, the per capita income in the state has surged by 62 percent, indicating significant economic growth. With abundant potential for further expansion and unexplored markets, Karnataka remains poised to offer ample opportunities for all,” he remarked.
“The state of Karnataka is also collaborating with technology firms to harness Industry 4.0 technologies. We are committed to driving automation and pioneering the development of AI-powered subscription products or services,” he added.
“Our Industrial Policy for the period 2020-25 offers numerous financial incentives to create a conducive environment for investors. Additionally, we are on the verge of introducing a new clean mobility policy, which aims to establish Karnataka as the leading destination for Electric Vehicle (EV) manufacturing,” stated Patil.
“The state’s sector-specific policies, such as Aerospace and Defence, ESDM Special Incentive package, and ER&D (Engineering Research and Development) policy, among others, offer top-notch incentives. We are continuously striving to enhance investor friendliness to ensure a smooth and seamless business environment,” he highlighted.
“Our comprehensive policy reforms underscore Karnataka’s commitment as a policy-driven state. We are eager to collaborate with WTA to realize the state’s vision of becoming a global manufacturing hub and spearheading sustainable growth,” he added.