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K'taka govt signs SOI with ISEG Foundation to develop economic masterplan for BMR
K'taka govt signs SOI with ISEG Foundation to develop economic masterplan for BMR
Bengaluru, The Karnataka government on Tuesday signed a SOI with ISEG Foundation to jointly develop a comprehensive economic masterplan for the BMR, aimed at shaping its growth trajectory through 2037, officials said.
The Statement of Intent was signed in the presence of Karnataka Deputy Chief Minister D K Shivakumar, they said.
Officials stated that the economic masterplan will outline an ambitious, data-driven and actionable vision for the Bengaluru Metropolitan Region , covering key areas such as the economy, liveability, infrastructure and sustainability, with targets set for 2032 and 2037.
According to an official statement, BMR spans over 8,000 sq km across three districts Bengaluru Urban, Bengaluru Rural and Bengaluru South with a population of 16 million and a GDP of USD 149 billion .
BMR contributes over 43 per cent of Karnataka's GSDP and hosts India's largest concentration of IT, Global Capability Centres, aerospace and biotechnology activity, among others.
Officials highlighted that BMR is one of India's most significant economic hubs, with a per capita income of USD 8,850, nearly double the state average.
Bengaluru accounts for 42 per cent of India's software exports, houses more than 875 Global Capability Centres over 30 per cent of the national total and is ranked the world's second-largest hub for artificial intelligence talent, they said.
The city's economy has been growing at over 9 per cent annually in real terms, making it one of the fastest-growing metropolitan regions in the country, officials added.
However, officials noted that challenges such as congestion, rising real estate prices and increasing talent costs could impact its competitiveness if not addressed.
They said the blueprinting phase of the masterplan will take four to five months and is expected to be completed by mid-September.
"It will include a detailed diagnostic assessment of the BMR economy benchmarked against global city-regions, a co-created long-term vision, identification of key growth drivers, and 6-8 high-impact interventions across sectors such as technology, advanced manufacturing, biotech, tourism, housing, infrastructure and sustainability," the statement said.
The plan will also outline a phased implementation roadmap with defined milestones, financing strategies and governance structures, it said.
Officials said the approach is modelled on the G-Hub initiative, a NITI Aayog-led programme aimed at developing economic masterplans for high-growth city-regions, with an aim to generate USD 500-750 billion in incremental GDP and create 20-25 million new jobs across 8-10 regions.
Under this initiative, economic masterplans have already been completed for several regions, including Mumbai Metropolitan Region, Visakhapatnam Economic Region, Kashi-Vindhya Economic Region, Bhubaneswar-Cuttack-Puri-Paradip Economic Region, Surat Economic Region and Pune Economic Region, where blueprinting is currently underway, they added.
The Bengaluru plan aims to more than double the city's economy by 2032 and position it as a global peer in quality of life, employment opportunities and sustainability, comparable to major global city-regions such as Tokyo, London and Singapore, the statement said.
To ensure execution, the Karnataka government has constituted a Steering Committee chaired by the Chief Secretary, with members from key departments, including Urban Development, Finance, Electronics, IT and Biotechnology, Commerce and Industry, Bengaluru Metropolitan Region Development Authority, GBA, BMRCL, BMTC, Tourism and Higher Education, it said.
The Chief Commissioner of Greater Bengaluru Authority has been designated as the Senior Nodal Officer for coordination, while Sectoral Advisory Groups comprising industry experts and private sector leaders will be formed. Citizen groups will also be involved in the planning process, it added.
The chief minister and Deputy CM will conduct quarterly reviews during both phases of the initiative, officials said.
ISEG Foundation, the knowledge partner for the initiative, is a Section 8 not-for-profit organisation focused on employment generation and net-zero transition. It has developed economic masterplans for regions such as Mumbai Metropolitan Region, Visakhapatnam Economic Region, Kashi-Vindhya Economic Region and Pune Economic Region, and is currently supporting implementation in Mumbai and Visakhapatnam, they added.
This article was generated from an automated news agency feed without modifications to text.
