Karnataka has a mandate to capture investments to the tune of ₹1.4 lakh crore annually to boost the State’s economy, said Minister of Large and Medium Industries M.B. Patil here on Saturday.
The State was aiming to position itself as a best-in-class investment destination in Asia for future technology and advanced manufacturing, and to achieve this, the government has initiated several strategic initiatives that would attract investments worth ₹1.4 lakh crore a year, a whopping jump of 75% over the current level, said the Minister.
“We are targeting total investments of ₹7 lakh crore over next five years, which is a quantum jump,” he added.
According to Mr. Patil, over the next five years, the government intends to grow at the rate of 15-16% and achieve a higher contribution of the industries sector towards the Gross State Value Added (GSVA). In the period under review, the State has been receiving investments worth ₹80,000 crore annually.
To achieve this ambitious goal, the State government may also announce a new industrial policy very soon. The government’s focus sectors would include aerospace and defence, electronic components, core manufacturing, warehousing and logistics, electric vehicles, textiles, semiconductors, space technology, and medical technology.
“We have initiated several steps to make Karnataka an industry-friendly State. These include reconstitution of the IKF Board, formation of a strategic investment committee and constitution of nine sector-specific vision groups, etc.,” the Minister added.
