Karnataka aiming for 15-16% industrial growth, says Chief Minister Siddaramaiah

The CM said Karnataka is a premier destination for global investments, being the second-highest recipient of FDI inflows in India, at 22%, in the last 5 years cumulatively.
 Chief Minister Siddaramaiah
Chief Minister SiddaramaiahPhoto | Express

BENGALURU: Chief Minister Siddaramaiah on Wednesday said Karnataka has taken a proactive approach when it comes to policymaking and that the state’s Industrial Policy offers best-in-class incentives to attract investors globally.

Speaking at the curtain raiser of Global Investors Meet 2025, which will be held from February 12-14 at Bangalore Palace, Siddaramaiah said Karnataka is a premier destination for global investments, being the second-highest recipient of FDI inflows in India, at 22%, in the last 5 years cumulatively.

“Over the last 10 years, industries in Karnataka have experienced a growth rate of 9.3%. Going forward, our aim is to achieve an industrial growth rate of 15-16% annually to reach $1-trillion GDP by 2032,” he said.

Over 5,000 senior delegates and over 100 speakers will participate in the GIM 2025, and the theme for this edition will be ‘Reimagining Growth’. This year, more than 30 technical and cultural sessions will be held, focusing on AI, Industry 5.0, Web 3.0 & Blockchain, Smart Computing and Cybersecurity, among others.

Large and Medium Industries Minister MB Patil launched SME Connect ‘25, a platform aimed at enabling and expanding business opportunities for SMEs. Gunjan Krishna, Commissioner for Industrial Development and Director, Department of Commerce and Industries, said that 41% of employment comes from SMEs, which are the backbone of the country. She said this edition will also focus on clean mobility and Carbon Capture Technology.

Another highlight of the meet will be the launch of the second edition of VentuRISE – the Global Startup Challenge, which aims to recognise, reward, and support startups in manufacturing-related sectors, providing them with a platform to showcase their strengths and secure funding. The focus sectors for VentuRISE ’25 include Electronic System Design and Manufacturing (ESDM), Clean Mobility, and Aerospace & Defence.

State contributes 22% global R&D: Priyank

“Karnataka is at the forefront of global innovation, contributing 22% to global R&D, and is leading in exports, FDI, and technology services,” said IT-BT Minister Priyank Kharge on Wednesday.

Taking part in the first edition of CII Karnataka’s R&D Conclave, he said, “With over 250 colleges, 44 universities, and 25,000 startups, we are the R&D and innovation capital.

Our commitment to industry-friendly policies and continuous investment in science, technology and education drives sustainable growth and better standards of living.” Ramesh Ramadurai, Past Chairman, CII Karnataka & MD, 3M India, said, “By augmenting resources and leveraging our deep understanding of customers and markets, we can develop valuable solutions. Building the right infrastructure and fostering new partnerships are key to establishing new stages of collaboration and transitioning to groundbreaking new products.”

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