Karnataka aims to be USD 1 trillion economic power, launches vision for 2030

The 375-page document has a total of 14 priority sectors that were identified after consultations with expert committees for each sector.
Karnataka aims to be USD 1 trillion economic power, launches vision for 2030

BENGALURU:  The Government of Karnataka (GoK) launched a roadmap to accelerate growth in the state and make it a $1 trillion economy by the year 2030. Being among the top five progressive states in the country, Karnataka aims to increase its economic growth rate from 13 per cent to 17 per cent per year, and focus on driving cross-sectoral growth initiatives across high- and low-performing sectors.

Inaugurating the ‘Vision for 2030, Karnataka’ on Thursday in Bengaluru, Governor Thaawarchand Gehlot said, “Innovation thrives in Karnataka, with over 400 global competence centres and R&D facilities. The state boasts of an impressive ‘high achiever’ status in the Ease of Doing Business rankings, propelling industry and internal trade.” He added that according to the Leads-2022 report, Karnataka excels in coastal logistics and hosts the third-highest number of startups worldwide, receiving 37 per cent of startup funding in the country. 

The 375-page document has a total of 14 priority sectors that were identified after consultations with expert committees for each sector. “During the meetings, issues were discussed and debated – challenges and opportunities were put forth to strategise how much each sector can contribute to the $1 trillion economy,” said Shalini Rajneesh, Additional Chief Secretary, Planning, Programme Monitoring and Statistics. 

The report highlights the need for a cumulative investment of Rs 152.87 lakh crore over the next ten years, of which Rs 22.93 lakh crore is expected from the government and Rs 107.01 lakh crore from the private sector. The state economy could be worth $500 billion by 2026-27 and $1 trillion by 2032.

Speaking at the event, Professor MV Rajeev Gowda, State Institute for Transformation of Karnataka (SITK), said the government needs to think beyond Bengaluru and holistically develop other parts of the state. “Emerging clusters need to be focused on, such as Belagavi for aerospace and Mangaluru for fintech, which can help Karnataka meet its goals.” He emphasised sustainable growth, quality of education, and technology usage that can bridge the gap between rural and urban areas as key factors. The report focused on three umbrella sectors: agriculture, manufacturing and services, to make Karnataka fill the gaps for a $1 trillion economy.

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