Speaking to delegates from more than 30 nations on Monday at the Bengaluru World Trade Centers Association and 54th WTCA Global Business Forum, Karnataka Large and Medium Industries Minister MB Patil stated that the state of Karnataka hopes to reach a GDP of $1 trillion by 2032 by maintaining a consistent growth rate of 18%.
Deputy Chief Minister DK Shivakumar gave the keynote address during the event, which was co-organized by the Newyork World Trade Centers Association and Bengaluru World Trade Centers Association and New York. The event was hosted for the first time in Karnataka and only for the second time in India.
In collaboration with the private sector, the government has provided manufacturers in the Beyond Bengaluru region with a range of land and infrastructure interventions to facilitate the establishment of plug-and-play industrial parks and clusters on thousands of acres of industrial land. According to the Minister, modernizing supply chains by tying developed and planned clusters to ports, trains, and airplanes will also significantly expand the industry.
The state’s per capita income increased 62 per cent in the last five years, and MB Patil emphasized that there will be opportunities for everyone going forward given the enormous development potential and untapped markets.
The state of Karnataka is also collaborating with technology companies to leverage industry 4.0 technologies Additionally, he said, the state would push automation and create AI-powered subscription goods and services.
“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.
According to Patil, the State offers best-in-class incentives through sector-specific policies including those for aerospace and defense, ESDM Special Incentive Package, ER&D (Engineering Research and Development), etc. We are also actively working to improve investor friendliness to promote a smooth business environment.
We want to work with WTA to help the State realize its goal of becoming a global manufacturing hub and setting the standard for sustainable growth. Our extensive policy reforms demonstrate that we are a policy-driven state, Patil said.
There was M.R. Jaishankar, Chairman of Brigade; Vineet Verma, MD, WTC, Bengaluru; Nirupa Shankar, JMD, Brigade Group; John Drew, Chairman, World Trade Centers Association; and Romal Shetty, CEO, Deloitte.