In an announcement made on June 19, 2024, Karnataka CM Siddaramaiah stated that the State Government continues to aim to grow at a growth rate of 15% to 16% per year to reach its target of becoming a USD 1 trillion economy by 2032.
Development in rural areas priority: CM Siddaramaiah
While speaking to the convention at the preview of the upcoming Global Investor Meet (GIM) – “Invest Karnataka 2025,” expected in February 2025, he stated that the state had been growing at a steady growth rate of 9.3%.
“The government’s vision extends beyond urban centres, intending to spread industries to rural regions, particularly Kalyana Karnataka, through focused cluster development initiatives,” CM Siddaramaiah highlighted.
“The government is committed to balanced regional development. We are nurturing specialized industries in different parts of the state, leveraging local expertise and resources. We have identified clusters to develop priority sectors such as electronics, automotive and electric vehicles, pharmaceuticals, textiles, and more,” he further added.
Karnataka aspires to demonstrate its technological superiority and operational efficiency via the GIM 2025. “We aspire to position Karnataka on the global stage as a leading player in the global supply chain,” the CM stated.
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CM Siddaramaiah pointed out that the State’s industrial policy provides top-notch stimuli to entice investors all around the globe and that it is being updated to be in line with contemporary global patterns; thus, emphasizing the government’s pre-emptive approach.
VentuRISE 2025: tech-driven, green, inclusive, and resilient
Large and Medium Industries Minister MB Patil inaugurated ‘ventuRISE 2025’. He also announced that the new Karnataka Industrial Policy 2025-2030’s drafting has begun to incorporate world-class incentives to ensure aggression in enticing investors.
“The theme of this edition, ‘Reimagining Growth,’ reflects the role Karnataka wishes to play in promoting growth that is tech-driven, green, inclusive, and resilient,” Mr. Patil briefed.
SME Connect ’25 & VentuRISE-Global Startup Challenge
As arrangements for the big event are in process, various meetings of high-level people, events, international and domestic roadshow events, and other line-ups are being organized. Prominent events consist of the first edition of SME Connect ’25, the second edition of VentuRISE – Global Startup Challenge along with Startup Conclave, and The Future of Innovation exhibition, he further explained.
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International companies will be introduced to Karnataka’s production efficiency by a chain of international roadshows. Visits to other countries are also on the agenda to extend invitations of GIM to industry leaders. These visits include Japan from June 24th to 28th June 2024, visiting Tokyo, Nagoya, and Osaka, followed by South Korea from July 1st to 5th, 2024, in Seoul, Incheon, and the Gyeonggi region, Mr. Patil said.
Small Scale Industries Minister Sharanabasappa Darshanapur inaugurated SME Connect’25 while the event was taking place.
Several ministers graced the event
Higher Education Minister Dr MC Sudhakara, IT/BT Minister Priyank Kharge, Health Minister Dinesh Gundu Rao, Medical Education and Skill Development Minister Sharana Prakasha Patil, and Textiles Minister Shivananda Patil, along with Chief Minister’s Political Secretary Govindaraju, were in attendance.
Senior officials like S. Selvakumar, Principal Secretary of the Department of Industries, Gunjan Krishna, Commissioner of the Department of Industries, as Dr. Richard Vincent D’Souza, Secretary of the Department of MSME, also took part in the meeting.
About the Author
Ms. Swara Kekatpure is a finance student at NMIMS University, Mumbai. She carefully analyses businesses in detail and ensures her work incorporates honesty, integrity, and unwavering dedication.
