Karnataka aims to become a USD 1 trillion economy by 2032: Minister MB Patil

BENGALURU: Karnataka Large and Medium Industries Minister MB Patil addressed delegates from over 30 countries at the Bengaluru World Trade Centers Association and 54th WTCA Global Business Forum on Monday and said that the Karnataka state aims to become a USD 1 trillion economy by 2032, by growing at a sustained growth rate of 18 per cent.

The event jointly organised by Newyork World Trade Centers Association and Bengaluru World Trade Centers Association was inaugurated by Deputy Chief Minister DK Shivakumar. The event was hosted for the first time in Karnataka and only for the second time in India.

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 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, MB Patil emphasised.

𝟓𝟒𝐭𝐡 𝐖𝐓𝐂𝐀 𝐆𝐥𝐨𝐛𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐅𝐨𝐫𝐮𝐦: 𝐊𝐚𝐫𝐧𝐚𝐭𝐚𝐤𝐚 𝐀𝐢𝐦𝐬 𝐭𝐨 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐎𝐧𝐞-𝐓𝐫𝐢𝐥𝐥𝐢𝐨𝐧-𝐃𝐨𝐥𝐥𝐚𝐫 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐛𝐲 𝟐𝟎𝟑𝟐.

Participating in 54th Annual WTCA Global Business Forum in Karnataka was an honor. The event attracted… pic.twitter.com/Qm7rODWDGY

— M B Patil (@MBPatil) March 4, 2024

The state of Karnataka 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 added.

“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.

Our 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, Patil remarked.

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. (ANI)