Karnataka aims to become $1 trillion economy by 2032: M B Patil

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.





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Comment on this article

  • M.Mathias, Mangalore

    Mon, Mar 04 2024

    Good for Rahul Gandhi and Kejerewal.

    DisAgree [1] Agree [2] Reply Report Abuse

  • PRAKASH.A, Mlore

    Mon, Mar 04 2024

    Word "Trillion Dollar" has become synonymous with Modi government ! with high inflation this target of 5 trillion Dollar economy doesn't mean anything. But its a smart move by Karnataka Government to use the word Trillion Dollar is this campaign. Sunne me acha laghta hai na !!

    DisAgree [1] Agree [4] Reply Report Abuse

  • Ajay Rebello, Kallianpur

    Mon, Mar 04 2024

    First tell how many zeros in trillion, after that how much in crores, then where to put coma and after that rs or dollar after that exchange rate 😅

    DisAgree [3] Agree [4] Reply Report Abuse

  • Rajan, Mangalore

    Mon, Mar 04 2024

    It is possible if they remember. -- A journey of a thousand miles begins with a single step. Chinese proverb -- meaning remove all bottle necks -- -- --Start with removal of corruption first. -- policy paralysis -- bureaucrats dedication--IAS and down the line -- -- staying focused ----- nothing moves fast --- -- very many times bogged down by foolish publicity politics -- Godi media etc. ---- China has reached No, 2 -- world rankings -- economy ---- -- neck to neck with the USA --\ (Although present there is a slowdown which is natural after nearly 40 years of unprecedented growth.) -- All has happened by great planning -- discussing with leading economists of the world -- Foreign Direct investments -- Great infrastructure -- commitments -- by the people ----- ---- Many a times we see a bridge or road waiting for inauguration. by a political leader --- all with Taxpayers money which is forgotten --

    DisAgree [1] Agree [2] Reply Report Abuse

  • Pradeep Kumar, Mangalore

    Mon, Mar 04 2024

    It is bigest joke of the year. You know how many in Rs ?

    DisAgree [2] Agree [4] Reply Report Abuse

  • Yogi, Mangalore

    Mon, Mar 04 2024

    Doubt whether Karnataka will achieve that or not but your economy will definitely touch a trillion mark.

    DisAgree [6] Agree [10] Reply Report Abuse

  • D.Shetty, Mangalore

    Mon, Mar 04 2024

    1 billion yethu zero undu anna.. neta cha parare kas ejje..

    DisAgree [7] Agree [9] Reply Report Abuse

  • Gautam Das, Bangalore

    Mon, Mar 04 2024

    Since now it’s congress govt in Karnataka you can go to Indira Canteen and buy Cha with affordable price. It’s no more BJP govt in Karnataka who closed all Indira Canteens for you to go without Cha and pocketed all money besides 40%.

    DisAgree [5] Agree [3] Reply Report Abuse

  • real kujuma, kodial

    Mon, Mar 04 2024

    at least somewhat realistic.not like the bullet train assurance of feku...if you would have said by the end of your term then i would have consider you also as feku...that is why Congress stands out...guys with proper brains are doing administration....

    DisAgree [24] Agree [21] Reply Report Abuse

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