Karnataka aims for 15-16% industrial growth, says CM Siddaramaiah
Karnataka CM Siddaramaiah along with Minister for Large and Medium Industries and Infrastructure Development, MB Patil, launched the Global Investors Meet 2025, which will be held in Bengaluru from February 12-14, 2025.
Karnataka Chief Minister Siddaramaiah on Wednesday said the state aimed to achieve an industrial growth rate of 15-16% annually to reach $1 trillion GDP by 2032. The minister was speaking at the curtain-raiser of Invest Karnataka, the state's flagship global investors meet (GIM), which is scheduled to be held from February 12 to 14, 2025.
A premier destination for global investments, Karnataka's Gross Domestic Product (GDP) stood at $268 billion in 2023, and the state now looks to tap into the untapped potential of the rural space.
"Our vision extends beyond urban centres. We are dedicated towards rural development, particularly Kalyana Karnataka, through focused cluster development initiatives," said Siddaramaiah.
The theme for the 2025 edition of Invest Karnataka would be 'Reimagining Growth', which will be organised by the Department of Industries and Commerce, and will be held at the Bangalore Palace.
The three-day event is set to feature more than 100 speakers, over 30 technical and cultural sessions, and will see an attendance of over 5,000 senior delegates, more than 10 global and domestic pre-event roadshows, and over 300 exhibits.
The event will also see the introduction of the first edition of SME Connect 2025, a platform to enable and expand business opportunities for small and medium enterprises (SMEs).
Additionally, the event will see the launch of the second edition of VentuRISE–the Global Startup Challenge. This aims to recognise, reward, and support startups in manufacturing-related sectors, providing them with a platform to showcase their strengths and secure funding.
"The new Karnataka industrial policy is being drafted with best in class incentives to keep up with trends and ensure competitiveness of state in attracting investors," said MB Patil, Minister for Large and Medium Industries and Infrastructure Development, who launched VentuRISE 2025.
VentuRISE 2025 is set to focus on Electronic System Design and Manufacturing (ESDM), Clean Mobility, and Aerospace and Defence sectors. It is also set to offer mentorship from entrepreneurs such as Ankit Fatehpuria (Co-founder, ), Awais Ahmed (Founder & CEO, ), Minu Margaret (Founder & CEO, ), Kaushik Mudda (Co-founder & CEO, ), Rohan Ganapathy (CEO & CTO, ) and Gadhadhar Reddy (Founder & CEO, ).
The event was also attended by Sharanabasappa Darshanapur, Minister for Small Scale Industries and Public Enterprises; Dinesh Gundurao, Minister for Health; MC Sudhakara, Minister for Higher Education Department; Dr Sharanprakash Rudrappa Patil, Minister for Medical Education, Department of Skill Development, Entrepreneurship and Livelihood; Priyank Kharge, Minister for Department of Rural Development and Panchayat Raj, and Department of Information Technology and Biotechnology; Sivananda Patil, Minister for Department of Textiles, Directorate of Sugarcane Development and Sugar, and Department of Agriculture Marketing; Dr Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries; Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries, and other consul delegates.
The previous Global Investors Meet in Karnataka was conducted in November 2022.
(The headline has been updated)
Edited by Megha Reddy