Karnataka will help India become $5 trillion economy: CM

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Karnataka will help India become $5 trillion economy: CM

Hubballi: Karnataka would significantly contribute towards making India a $5 trillion economy by 2024-25, Chief Minister B.S. Yediyurappa said here on Friday.

“Our state has the ability to contribute to the country’s economic growth for achieving the $5 trillion GDP target by 2024-25, as Prime Minister Narendra Modi envisioned,” the Chief Minister said at the Invest Karnataka 2020 meet here.

Inaugurating the day-long investors’ meet to attract investments and create jobs in the state’s northwest and northern regions, Yediyurappa said his government would provide time-bound approvals for ease of doing business.

“The Karnataka Land Reforms Act will be amended in the ensuing budget session to fast track the approvals in 30 days,” he asserted.

If clearances for land acquisition and conversion are not provided in a month, the investment proposal will be deemed approved under the new law, reiterated the Chief Minister.

Noting that the southern state was rich in natural and human resources, especially in high-technology and skilled workforce, Yediyurappa said investment opportunities were plenty in aerospace, automobiles, machine tools, electric vehicles and bio-technology besides information technology.

“About 40 global firms expressed interest to invest in our state at a roadshow we held at Davos in Switzerland on the sidelines of the World Economic Forum (WEF) meet on January 23,” he recalled.

Under the new industrial policy, the state government will set up clusters to make toys at Koppal, textiles at Bellari, solar equipment at Kalaburagi and farm machinery at Bidar.

“We are committed to make north Karnataka a power house of industries for the development of the region, with Hubballi-Dharwad as the growth hub,” Yediyurappa added.

State Industries Minister Jagadish Shettar said the presence of about 1,000 investors-cum-industrialists from across the country and overseas was a testimony to the potential of the region for huge investments and job creation.

“As a major destination for investments in the country, Karnataka is chosen by global companies to set up their operations due to our investor-friendly policies and ease of doing business terms,” said Shettar, who hails from Hubballi.

Though metropolitan areas are growth engines, Shettar said investments in cities and towns across the state would ensure regional competitiveness and uniform development.

“We are creating an ecosystem in tier II and tier III cities with land banks and regional connectivity for industrial development,” Shettar said.

Union Minister for Parliamentary Affairs Pralhad Joshi, Union Minister of Chemicals and Fertilisers D.V. Sadananda Gowda and Minister of State for Railways Suresh Angadi, who hail from the southern state, also participated in the meet.

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