BENGALURU: Karnataka chief minister
Siddaramaiah
has set an ambitious target of achieving an annual
industrial growth
rate of 15% to 16% to transform the state into a $1 trillion powerhouse by 2032. In the past decade, industries in Karnataka have witnessed a growth rate of 9.3%. With a gross state domestic product (GSDP) of $268 billion in the 2022-23 fiscal year, Karnataka stands as the third-largest
economic powerhouse
in India.
The state boasts the highest per capita
GSDP
in the country, surpassing the national per capita GDP.
Speaking at the curtain-raiser of
Invest Karnataka
2025, the state's flagship global investors meet, Siddaramaiah emphasised his government's commitment to balanced regional development through cluster development. "Economic growth must be beyond metro areas to ensure every region flourishes. We will have training institutions in rural areas so that there is equitable growth in rural areas as well. We want to harness the untapped potential of rural talent," he said. The government is fostering specialized industries by leveraging local expertise and resources, identifying clusters across the state to develop priority sectors such as electronics, auto and EV, pharmaceuticals, and textiles.
Industries minister
MB Patil
announced that the
Karnataka Industrial Policy
2025-2030 will provide a range of incentives to encourage industrial growth in the state. The theme for the 2025 edition of Invest Karnataka would be "Reimagining Growth," which reflects the state's commitment to fostering growth that is tech-driven, green, inclusive, and resilient. The investor meet will be held between February 12-14 next year in Bengaluru.
As Invest Karnataka approaches, the state government has emphasized sustainability, technology, and job creation as the primary focus areas. The summit will feature discussions on clean mobility, the application of blockchain and artificial intelligence, and investments aimed at societal betterment. On a different note,
Patil
also expressed Karnataka's willingness to offer a 20% subsidy if the central government extends a 50% subsidy to support the
semiconductor industry
in the state. "I have confidence that Kumaraswamy will not backtrack on this," he wrote on X.
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