Dr.Thomas (Sub-Editor)

Highlights of Hon’ble Chief Ministers speech.

1.I am delighted to address all of you today at the Curtain Raiser of the next Global Investor Meet of Karnataka – “Invest Karnataka 2025”.

2.As you may know, Karnataka is a premier destination for global investments,being the second-highest recipient of FDI inflows in India (22% in last 5 years cumulatively).

The state is also a Top Achiever in Ease of Doing Business index and an Achiever in the LEADS Index for Logistics,which showcases the competitiveness of Karnataka for industries and Karnataka’s dedication to promote a business friendly environment.

3. Karnataka’s Gross State Domestic Product (GSDP) was $268 Bn in FY23, making it the third largest state economy in India.Karnataka’s per capita GSDP is the highest in the country and is higher than India’s per capita GDP.

4. Over the last ten years, industries in Karnataka have experienced a growth rate of 9.3%. Going forward, our aim is to achieve an industrial growth rate of 15-16% annually to reach the goal of reaching $1 Trillion GDP by 2032.

5. I would like to highlight Karnataka’s exceptional talent pool,a testament to our state’s commitment to education and innovation.

With over 50 universities and 230 engineering colleges, Karnataka boasts a robust educational infrastructure that nurtures talent across diverse fields.

Bengaluru alone hosts more than 50% of India’s AI and ML professionals, reinforcing our position as a technological hub.

6.However,our vision extends beyond urban centers. We are dedicated towards rural development, particularly Kalyana Karnataka, through focused cluster development initiatives.

7.By establishing specialized training institutions and fostering industry partnerships in these regions,we aim to ensure equitable growth and harness the untapped potential of our rural talent.

8.Furthermore,we are committed to balanced regional development through cluster development in Karnataka.

We understand the importance of spreading economic prosperity beyond metropolitan areas, ensure that every region flourish.

9. Through strategic cluster development initiatives, we are nurturing specialized industries in different parts of the state, leveraging local expertise and resources.

We have identified clusters in different parts of the state to develop priority sectors such as Electronics, Auto and EV, Pharmaceuticals, Textiles etc.

10.The Global Investor Meet – Invest Karnataka 2025 is a flagship investor event for the state of Karnataka.

Through this event,we seek not only to showcase Karnataka’s technological prowess and manufacturing excellence, but also to position Karnataka on the global stage as a leading player in the global supply chain.

The eco-system offered by the state is unmatched, be it in areas of innovation & R&D,availability of skilled labour or Ease of Doing Business.

Therefore, it is not surprising that 400 out of the Fortune 500 companies are already present and thriving in the State.

11. Karnataka has taken a very proactive approach when it comes to policy making. Karnataka’s Industrial Policy officers best-in-class incentives to attract investors globally,which we are now updating in line with latest global trends, in addition to greatly enhancing the Ease of Doing Business.

12. Additionally,we have a host of sector specific policies including Clean Mobility Policy,Aerospace and Defence policy,Green Energy, ESDM,Biotech, Engineering R&D, Textiles and IT & ITeS to ensure we maintain our competitiveness and continue to attract investments for priority sectors and generate employment.

13. Through this Global Investor Meet, we will continue to engage with the global community by bringing together business and thought leaders from a multitude of areas and sectors.

We commit to setting Karnataka’s development agenda in line with global best practices and showcase our strong ability to accelerate growth by “Reimagining Growth”.

We will focus on new areas of growth in line with global trends to enable growth which is tech-driven, green, inclusive and resilient.

14. I would urge you to assist us in attracting a larger share of investments in the state of Karnataka to together achieve the goal of becoming India’s manufacturing hub, and I hope you will all join us in February at the Invest Karnataka 2025 –Global Investors Meet.