Karnataka’s focus riveted on creating ecosystem to foster growth, entrepreneurship, investment: MB Patil

Bengaluru (Karnataka) [India], November 29 (ANI): Large and Medium Industries Minister MB Patil said the government of Karnataka’s focus remains on creating an environment that is conducive to growth, fostering entrepreneurship and attracting investments.

Speaking at the inauguration of the three-day Bengaluru Tech Summit 2023 on Wednesday, he said the policies enacted by the government were not just about business; they were about creating a legacy of progress, inclusivity and sustainability.

“Karnataka has been ranked ‘top achiever’ in ease of doing business by the Department for Promotion of Industry and Internal Trade (DPIIT) in 2022. Our state rose to this rank based on the implementation of varied reforms across areas ranging from the ease of doing business, affidavit-based clearance, land reforms, a central inspection system, single-window clearances, to sectoral policies,” he said.

The minister said Karnataka accounts for 40% of India’s IT exports, 64% of ESDM exports and 30% of biotech exports. He said Karnataka is home to more than 440 GCCs presently, up from less than 22 in 2000, meaning that the state added around 20 GCCs every year during the period.

Prashanth Prakash, chairman, Vision Group of Start-ups, said the world had invested $25 billion in GenAI but very little had percolated into India.
He said the climate tech and fintech sectors are emerging technologies. Fintech has achieved billions of transactions and now the land records are being digitised, which will be part of the growth of fintech.

Kris Gopalakrishnan, chairman, Vision Group of IT, said the technology sector had grown by 9% during the last year due to the slowdown. He, however, hoped that the $200 billion tech sector would reach $350 billion by 2030.

He said the ChatGPT app launched in November 2022 was the fastest-growing app during the last year.

Nivruti Rai of Invest India said the country was moving from a consumption-driven economy to a manufacturing-driven economy.

Some of the key highlights of Bengaluru Tech Summit 2023 include the Chandrayaan 3 Industry ISRO Pavilion, a gateway to the brightest minds globally as representatives from Australia, Denmark, Finland, NRW (Dusseldorf), Israel, Japan, Russia, South Korea, Thailand, the US, the UK, and many more countries participate. The other highlights are startup pavilion, India-U VVSA Tech Conclave, B2B, etc. (ANI)