‘Karnataka aims to become a USD 1 trillion economy by 2032’: Minister MB Patil

Karnataka Large and Medium Industries Minister MB Patil said on Monday that the state aims to become a USD one trillion economy by 2032, by growing at a sustained rate of 18 per cent.
He was addressing delegates from over 30 countries at the 54th World Trade Centres Association (WTCA) Global Business Forum, being hosted for the first time in Karnataka and only for the second time in India. The event jointly organised by New York World Trade Centres Association and Bengaluru World Trade Centres Association was inaugurated by Deputy Chief Minister DK Shivakumar.
READ | ₹93.32 crore sanctioned for various Railway projects in Karnataka: Minister MB Patil
Together with the private sector, the government has been supporting manufacturers with various land and infrastructure interventions for setting up plug-and-play industrial parks and clusters on several thousands of acres of industrial land in the Beyond Bengaluru region. Modernising supply chains by connecting developed and proposed clusters to ports, rail and air would also give the sector a significant boost, the Minister was quoted as saying in a statement.
In the last five years, per capita income in the state has increased 62 per cent and with the huge potential for growth and untapped markets, it will continue to provide opportunities for all, he said.
The state of Karnataka is also partnering with technology companies to leverage industry 4.0 technologies and the state will drive automation and develop AI-powered subscription products or services, he added.
READ | Bengaluru apartment’s ‘no water’ alert to residents amid ongoing crisis
“Our Industrial Policy for the period 2020-25 provides multiple financial incentives to create favourable economics for investors. Further, We will soon bring in a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing,” Patil stated.
The state’s sector-wise policies like Aerospace and Defence, ESDM Special Incentive package, ER&D (Engineering Research and Development) policy, etc. provide best-in-class incentives and we are actively enhancing investor friendliness to facilitate a seamless business environment, he said.
Our comprehensive policy reforms point that we are a policy-driven state and we would like to partner with WTA in achieving the State’s aspiration of becoming a global manufacturing hub and leading the path of sustainable growth, he added.