Karnataka wants to be $1 trillion economy by 2032, says M.B. Patil

The Minister addressed delegates from over 30 countries at the WTCA Global Business Forum in Bengaluru

March 04, 2024 09:55 pm | Updated 09:55 pm IST - BENGALURU

Large and Medium Industries Minister M.B. Patil on Monday said Karnataka has set its eyes on becoming a $1 trillion economy by 2032, by growing at a sustained rate of 18%.

The Minister stated this while addressing delegates from over 30 countries at the 54th World Trade Centers Association (WTCA) Global Business Forum, being hosted for the first time in Karnataka and for the second time in India. The event jointly organised by New York World Trade Centers Association and Bengaluru World Trade Centers Association was inaugurated by Deputy Chief Minister D.K. Shivakumar.

Listing the initiatives being taken up by the government to achieve such a target, the Minister said, “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.”

In the last five years, per capita income in the State has increased by 62% and with the huge potential for growth and untapped markets, it will continue to provide opportunities for all, he observed. The State was also partnering with technology companies to leverage industry 4.0 technologies and it will drive automation and develop AI-powered subscription products or services, he said.

“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,” the Minister said, while referring to the state’s plans for boosting the economy.

The Minister said the State 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.

Mr. Shivakumar, who inaugurated the event, said that Bengaluru is emerging as a global hub for education and is attracting students from around the world. “Karnataka has 52 universities, 234 engineering colleges, 55 medical colleges and more than a thousand paramedical colleges. Students from around the world are coming to Bengaluru and Karnataka for higher education”, he said.

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