BENGALURU: Large and Medium Industries Minister MB Patil on Monday said Karnataka aims to become a trillion-dollar economy by 2032 by clocking a growth rate of 18%.
He was addressing delegates from over 30 countries at the 54th Global Business Forum, held for the first time in Karnataka. The event was jointly organised by the World Trade Centres’ Association and World Trade Centre, Bengaluru.
Held on the theme ‘EPIC: Empowering Progress through Innovation and Collaboration’, the forum was inaugurated by DCM DK Shivakumar.
“Together with the private sector, the government has been supporting manufacturers with various land and infrastructure interventions for setting up plug-and-play industrial parks and clusters on several thousands of acres of industrial land in the Beyond Bengaluru region. Modernising supply chains by connecting developed and proposed clusters to ports, rail and air would also give the sector a significant boost,” Patil said.
Stating that the Industrial Policy for 2020-25 provides multiple financial incentives to create favourable economics for investors, Patil said a new clean mobility policy that aims to position Karnataka as the premier destination for EV manufacturing will be released.
“We would like to partner with WTCA in achieving the state’s aspiration of becoming a global manufacturing hub and leading the path of sustainable growth,” the minister said.
Shivakumar said, “We are committed to addressing the global challenges of climate change, health, security and development, and are willing to share our experience with other countries. We are proud to be ranked as leaders and innovators across IT, startups, bio-technology, electronics as well as agriculture sectors. We are committed to making Bengaluru a smart, sustainable and livable city that is not only a global leader, but also a global partner, a city that is not limited to a destination, but also a source of inspiration.”
Romal Shetty, CEO of Deloitte South Asia, released a report -- Karnataka: Powering India’s Growth -- which identifies the key sectors that will propel the state’s ambition of becoming a trillion-dollar economy.