Daijiworld Media Network- Bengaluru

Bengaluru, Apr 24: Karnataka’s Minister for Large and Medium Industries, M B Patil, convened a high-level meeting on Wednesday to assess the implications of the proposed US tariffs on Indian exports, and to review the progress of investment commitments made during the Global Investors Meet – Invest Karnataka 2025.

Addressing officials, Minister Patil confirmed that while the US had earlier signalled its intent to impose tariffs on imports from India, the decision has currently been deferred for a period of three months. The development, he said, warrants careful monitoring and proactive strategizing.

“The meeting centered around the anticipated impact on key sectors of Karnataka’s economy — including Information Technology (IT), Biotechnology (BT), electronics, pharmaceuticals, and defence-related manufacturing,” Patil stated.

Interestingly, the Minister urged stakeholders to view the situation not just as a challenge, but as an opportunity. “With global industries facing mounting pressure from US trade measures, Karnataka can position itself as a preferred destination for businesses looking to shift or diversify their operations,” he explained.

The meeting also emphasized the need to safeguard and reinforce the investment commitments secured during the Global Investors Meet. “We discussed strategies to retain the MoUs and ensure they translate into tangible growth for Karnataka,” Patil added.

He noted that the Union Government is actively engaged in policy-level deliberations on the issue, and Karnataka must align itself accordingly to stay ahead.

Michael, a trade expert from the Boston Consulting Group (BCG), joined the meeting virtually from the United States. He noted that while the precise impact of the US tariffs remains uncertain, the situation bears close resemblance to the earlier imposition of steep tariffs on China — the effects of which are still under scrutiny.

Top officials from the state’s industries department, including Principal Secretary S Selvakumar and Commissioner Gunjan Krishna, were present at the discussion.

The Karnataka government had earlier revealed that it surpassed its target for investment exploration at Invest Karnataka 2025. MoUs worth Rs 6.23 lac crore were signed, while recognised investment commitments totalled Rs 4.03 lac crore — taking the combined figure beyond the ambitious Rs 10 lac crore target.