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Karnataka aims to become a $1 trillion economy by 2032 by growing at a sustained rate of 18%, Industries minister MB Patil said on Monday. The state, he said, would soon bring out a new clean mobility policy that would make the state a premier destination for EV manufacturing.
Patil, who was speaking at the inauguration of the 54th World Trade Centre Association (WTCA) Global Business forum, said that the state’s Industrial Policy for the period 2020-25 provided multiple financial incentives to create favourable economics for investors. “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.
This was the first edition of the summit in Karnataka and the second held in India. The event, jointly organised by the New York World Trade Centers Association and Bengaluru World Trade Centers Association, was inaugurated by Deputy Chief Minister DK Shivakumar.
Karnataka, Patil said, 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. “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.
Per capita income in the state had increased 62% in the last five years, and the state would continue to provide opportunities for all, he added. “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,” he added.
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