The government of Karnataka plans to unveil a new industrial policy at the Global Investors Meet to be held in Bengaluru as a part of its plan to attract more local and global businesses to the state, aiming to be a $1 trillion economy by 2032.
Karnataka is already among the top states in the country, in terms of GDP growth and per capita income. Home to some of the largest information technology companies in the world, Karnataka has also emerged as India's startup capital and a major aerospace and defence hub. In recent years close to 400 Global Capability Centres too have set up shop here, taking advantage of the large talent pool that South India offers.
"Our state is constantly being guided by policies that foster a nurturing environment for industry to flourish. The continuity of these policies across different administrations has bolstered industry confidence and encouraged sustainable growth," said M.B. Patil, Karnataka's Minister for Large and Medium Industries.
As a part of its plan to boost the industrial ecosystem in the state, it will hold the Invest Karnataka Global Investors Meet in Bengaluru between February 11-14. Over 5,000 delegates and 100-odd speakers are expected at the event this year.
Key state officials including Patil held a road show in Mumbai on Tuesday, interacting with businessmen from Maharashtra and promoting Karnataka as a major investment destination.
By creating a platform that connects established enterprises with emerging businesses, they are paving the way for a more inclusive economic landscape, said Patil.
"The Global Investors Meet 2025 will introduce the inaugural Future of Innovation Expo, which will act as a platform for displaying groundbreaking advancement across various sectors, such as electronics, healthcare, space technology, advanced manufacturing and much more," he noted.
There will also be focused events for startups and small and medium enterprises.
Karnataka aims to become a $1 trillion economy by 2032.
The government will unveil its new industrial policy at the event, which among other things will offer incentives for companies adopting green manufacturing processes.
The government is also promoting the participation of women in the workforce in a big way.
A new generative AI-powered single window system to enhance ease of doing business is also set to be introduced.
Officials also highlighted various policies in place to make it easier for companies to do business in the state. For instance, the state offers fixed-term employment, whereby labour capacity can be scaled up to meet seasonal demand.
