Karnataka aims for 15-16% annual industrial growth rate, says CM Siddaramaiah

PTI, Jun 20, 2024, 9:05 AM IST

Bengaluru: Chief Minister Siddaramaiah announced on Wednesday that the Karnataka government aims to achieve an industrial growth rate of 15-16 per cent annually for the state to have a USD one trillion GDP by 2032.

Speaking at the curtain-raiser for the upcoming Global Investor Meet – ‘Invest Karnataka 2025’, scheduled for February 2025, he said that over the past decade, the state has posted a growth rate of 9.3 per cent.

“The government’s vision extends beyond urban centres, intending to spread industries to rural regions, particularly Kalyana Karnataka, through focused cluster development initiatives,” he said.

Siddaramaiah further said the government is committed to balanced regional development. “We are nurturing specialised industries in different parts of the state, leveraging local expertise and resources. We have identified clusters to develop priority sectors such as electronics, automotive and electric vehicles, pharmaceuticals, textiles, and more,” he said.

Through the Global Investor Meet (GIM) 2025, Karnataka seeks to showcase its technological prowess and manufacturing excellence. “We aspire to position Karnataka on the global stage as a leading player in the global supply chain,” the chief minister said.

Highlighting the government’s proactive approach to policymaking, Siddaramaiah said that Karnataka’s Industrial Policy offers best-in-class incentives to attract global investors and is being updated in line with the latest global trends.

At the event, Large and Medium Industries Minister M B Patil launched ‘ventuRISE 2025’ and announced that the new Karnataka Industrial Policy 2025-2030 is being drafted to include best-in-class incentives to ensure competitiveness in attracting investors.

“The theme of this edition, ‘Reimagining Growth,’ reflects the role Karnataka wishes to play in promoting growth that is tech-driven, green, inclusive, and resilient,” Patil said.

As preparations for the grand event continue, various high-level meetings, events, global and domestic roadshows, and other programmes will be organised. Highlights include the first edition of SME Connect’25, the second edition of VentuRISE – Global Startup Challenge and Startup Conclave, and the Future of Innovation exhibition, he said.

Small Scale Industries Minister Sharanabasappa Darshanapur launched SME Connect’25 at the event.

According to Patil, there will be a series of global roadshows to introduce Karnataka’s manufacturing ecosystem to international companies and visits to foreign countries to invite industry leaders for the GIM.

These visits include a trip to Japan from June 24 to 28, covering Tokyo, Nagoya, and Osaka, followed by a visit to South Korea from July 1 to 5, covering Seoul, Incheon, and the Gyeonggi area.