From Our Special Correspondent
Daijiworld Media Network
Bengaluru, Mar 4: Karnataka aims to become US $1 trillion economy by 2032 and is working towards the goal, said Large and Medium Industries Minister M B Patil said on Monday.
He was addressing the delegates from over 30 countries at the 54th WTCA Global Business Forum, being hosted for the first time in Karnataka and only for the second time in India, on Monday.
He said the State is growing at a sustained growth rate of 18%.
The event is jointly organised by New York World Trade Centers Association and the Bengaluru World Trade Centers Association was inaugurated by Deputy Chief Minister D K 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, the Minister explained.
In the last five years, the per capita income in the state has increased 62 per cent and with the huge potential for growth and untapped markets, it will continue to provide opportunities for all, he said.
The state is also partnering with technology companies to leverage industry 4.0 technologies and the state will drive automation and develop AI-powered subscription products or services, he said.
"Our Industrial Policy for the period 2020-25 provides multiple financial incentives to create favourable economics for investors. Further, We will soon bring in a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing," Patil stated.
The State's sector-wise policies like Aerospace and Defense, ESDM Special Incentive package, ER&D (Engineering Research and Development) policy etc. provide best-in-class incentives and we are actively enhancing investor friendliness to facilitate a seamless business environment, Patil remarked.
The minister said the government’s comprehensive policy reforms point that we are a policy-driven state and we would like to partner with WTA in achieving the State's aspiration of becoming a global manufacturing hub and leading the path of sustainable growth.
John Drew, Chairman, World Trade Centers Association, Romal Shetty, CEO, Deloitte, M.R. Jaishankar, Chairman, Brigade, Vineet Verma, MD, WTC, Bengaluru, and Nirupa Shankar, JMD, Brigade Group were present.