Karnataka Chief Minister Siddaramaiah announced on Wednesday that the state aims to achieve an annual industrial growth rate of 15-16% to become a USD 1 trillion economy by 2032.
Speaking at the curtain-raiser for the upcoming Global Investor Meet, "Invest Karnataka 2025," scheduled for February, Siddaramaiah highlighted the state's growth rate of 9.3% over the last decade. He emphasized the government's plan to extend industrial development beyond urban centers, focusing on rural areas like Kalyana Karnataka through targeted cluster development initiatives.
"The government is dedicated to balanced regional development, fostering specialized industries across the state by leveraging local expertise and resources. We have pinpointed clusters for priority sectors including electronics, automotive and electric vehicles, pharmaceuticals, and textiles," Siddaramaiah stated.
The Global Investor Meet (GIM) 2025 aims to showcase Karnataka's technological and manufacturing capabilities. "We aim to position Karnataka as a key player in the global supply chain," the Chief Minister added.
Highlighting the state's proactive policymaking, Siddaramaiah noted that Karnataka's Industrial Policy offers top-tier incentives to attract global investors and is being updated to align with global trends.
During the event, Large and Medium Industries Minister MB Patil launched 'ventuRISE 2025' and announced the drafting of the new Karnataka Industrial Policy 2025-2030, which will include competitive incentives for investors.
"The theme 'Reimagining Growth' reflects Karnataka's commitment to promoting growth that is tech-driven, green, inclusive, and resilient," Patil explained.
Preparations for the grand event include high-level meetings, events, roadshows, and programmes.
A series of global roadshows will introduce Karnataka's manufacturing ecosystem to international companies, with visits to Japan and South Korea to invite industry leaders to the GIM.
The Japan visit will cover Tokyo, Nagoya, and Osaka from June 24 to 28, followed by a visit to Seoul, Incheon, and Gyeonggi in South Korea from July 1 to 5, Patil informed. Small Scale Industries Minister Sharanabasappa Darshanapur launched SME Connect'25 during the occasion.
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