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

Karnataka Minister MB Patil said on Monday that the state aims to become a USD one trillion economy by 2032, by growing at a sustained rate of 18 per cent.

Published on: Mar 5, 2024, 14:53:16 IST

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Karnataka Large and Medium Industries Minister MB Patil said on Monday that the state aims to become a USD one trillion economy by 2032, by growing at a sustained rate of 18 per cent.

Karnataka Congress leader MB Patil. (File Photo)

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

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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 was quoted as saying in a statement.

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, he said.

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.

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"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 Defence, 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, he said.

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, he added.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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