BENGALURU: Chief Minister Basavaraj Bommai has laid out a roadmap to achieve the status of a $1 trillion economy for the state by 2032.
According to an official statement, the Chief Minister has asked the administration to execute the recommendations of a report prepared by the Planning Department to scale up the state’s economy to create massive opportunities for the people of Karnataka.
Bommai underlined that the state Budget unveiled last month has already incorporated over 70 per cent of the recommendation to help Karnataka scale up the size of the economy. The CM’s $1 trillion economy is in tune with Prime Minister Narendra Modi’s $5 trillion economy target in the next few years, the statement said.
“A committee, constituted by the Planning Department under the chairmanship of Additional Chief Secretary (Finance Department) ably assisted by FICCI and McKinsey in collaboration with department secretaries and industry experts, has recommended a set of initiatives to increase the GDP of the state to $1 trillion. The insights from this document will go a long way in achieving $1 trillion economy for Karnataka,” CM Bommai said.
“I am happy to see that the recommendations of the committee aim at increasing growth rate of agriculture from 13.3 per cent to 16.3 per cent, industry from 8.8 per cent to 16.8 per cent, service sector from 13.6 per cent to 16.9 per cent, aiming for the overall growth rate at 16.8 per cent by 2032”, the Chief Minister added.
Bommai said that a large number of recommendations of the committees have been announced during this year’s budget. “…like increasing area under micro irrigation, digitising agriculture improving post-harvest management and social and economic infrastructure, youth internship, strengthening of MSMEs, tourism, etc. In order to ensure regionally balanced growth, the aspirational taluk programme has been announced. Data lake to use Artificial Intelligence (AI)-based big data analytics for policy making has also been announced”, he said.
The CM said that the State Institute for Transformation of Karnataka will steer innovative mechanisms to expedite the GDP growth trajectory of Karnataka. “We propose to make the district as a fulcrum of growth and development by strengthening capacity building, infrastructure support and delegation of powers to field level functionaries”, added the CM in his foreword to the report.
Additional Secretary Shalini Rajneesh stated that the mission to prepare the roadmap to create a $1 trillion economy for Karnataka was prepared in a span of 140 days. “The action plan has been prepared through 14 sub-committees working simultaneously”, she said. (ANI)