Forward-looking policies helped Karnataka to excel in economic growth: CM

Karnataka's forward-looking policies drive 14.2% GSDP growth, emphasizing technology industry's role in economic development and innovation.

Forward-looking policies have helped Karnataka clock a GSDP growth rate of 14.2% in fiscal 2024 even as the State, being the fourth largest industrial player, contributes around 8.2% to the country’s GDP, said Chief Minister Siddaramaiah here on Friday (July 12).

Interacting with an audience of 200 CEOs in Bengaluru over a breakfast meeting, the Chief Minister said the State government recognised the pivotal role that the technology industry has been playing in the socio-economic development of the State.

‘’We are committed to fostering an environment that nurtures innovation, encourages investment and supports sustainable growth. It is due to the forward-looking policies that Karnataka has clocked a GSDP growth rate of 14.2% in FY23,’‘ the Chief Minister said.

He insisted that the State’s sector-specific policies were designed to empower start-ups, SMEs, and large corporations alike, ensuring that Bengaluru remained a haven for entrepreneurs and businesses. Karnataka was the first State to come up with sector-specific policies in start-up, IT, AVGC, Biotechnology and Electronics System Design & Manufacturing (ESDM), he stated.

The upcoming Global Capability Centre (GCC) policy of the State would focus on easing regulations and incentivising large companies to set up operations within Karnataka but Beyond Bengaluru areas, he said.

Giving a peek into the State’s annual tech exposition, Bengaluru Tech Summit, he said this 26-year-old event provided an impactful platform to bring together the best minds in technology and innovation.

The State government was committed to investing in deep and emerging technologies to ensure that Bengaluru and Karnataka continued to remain at the cutting edge, said Mr. Siddaramaiah.