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Karnataka aims for 1 trillion GDP by 2032: CM Siddaramaiah unveils industrial growth plan

Chief Minister Siddaramaiah announced on Wednesday that he has set a bold target for Karnataka's economic future, announcing plans to elevate the state's GDP to $1 trillion by 2032 through robust industrial expansion. Speaking at the prelude to the Global Investors Conference scheduled for February 2025, Siddaramaiah emphasised a strategic focus on achieving annual industrial growth rates of 15 to 16 percent.

Karnataka aims for 1 trillion GDP by 2032: CM Siddaramaiah unveils industrial growth plan
First Published Jun 20, 2024, 2:20 PM IST

The Chief Minister underscored Karnataka's commitment to fostering development across both urban and rural regions, particularly highlighting initiatives for Kalyan Karnataka's advancement. "We have decided to establish industrial clusters statewide to stimulate economic progress beyond metropolitan areas," Siddaramaiah affirmed, outlining the state's proactive approach towards inclusive growth.
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In preparation for Invest Karnataka 2025, aimed at revitalising the state's economic landscape with technology-driven sustainability, Siddaramaiah stressed the prioritisation of sectors such as electronics, automotive, and textiles. "Our strategy includes bolstering small-scale industries, fostering innovations, and integrating advanced technologies," he added, reflecting the government's comprehensive agenda.

At the forefront of this initiative, Large and Medium Industries Minister M.B. Patil highlighted unprecedented support for micro and small-scale enterprises during the global investor conference. Initiatives like SME Connect-25 and Venture-24 aim to harness innovation and secure capital influxes critical for technological advancements and industrial growth.

The Global Investors Conference, slated to convene at Bengaluru Palace from February 12 to 14, 2025, will serve as a pivotal platform for international stakeholders to engage in discussions on reshaping economic paradigms. With participation from dignitaries and investors spanning 18 countries, including the United States, Germany, Japan, and France, the conference aims to foster dialogue on the future of sectors like aviation, defence, and healthcare.

Roadshows are scheduled in Japan and South Korea to promote Karnataka's investment potential, with visits planned to Tokyo, Nagoya, Osaka, Seoul, Incheon, and Gyeonggi to attract strategic partnerships and capital for infrastructure, energy, IT, education, and tourism sectors.

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