Karnataka had set a target of attracting Rs.5 lakh crore (Rs.5 trillion) investments to generate 1.5 million jobs in the manufacturing sector over the next four years, Chief Minister Siddaramaiah said on Thursday.
“Our new industrial policy envisages inclusive, sustainable and balanced industrial development to build a prosperous Karnataka by 2020,” he said at the 11th edition of the Innovation Summit 2015, organised by the Confederation of Indian Industry (CII) here.
The policy aims to maintain 12 percent industrial growth rate per annum and enhance the manufacturing sector’s contribution to the state Gross Domestic Product (GDP) to 20 percent by 2019-20 by spreading industrial growth across the state.
“As sustainable development is integral to our policy, we are focusing on the manufacturing sector to generate employment and promote micro, small and medium entrepreneurs across the state,” the chief minister said.
Noting that economic growth would be sustainable only when its benefits reach the under-privileged, Siddaramaiah said the policy offered special incentives to entrepreneurs from SC, STs, BCs, minority community, ex-servicemen and women to encourage them to invest and create capacity building as well as special provisions to attract investments in tier-two cities across the state.
In view of the state’s rich historical and cultural heritage, a new five-year tourism policy to attract more domestic and overseas tourists and position Karnataka as a favourite tourism destination has also been unveiled, he said.
He exhorted India Inc to invest in the state, especially in the manufacturing sector to replicate the success of its booming services sector, which made Karnataka the country’s IT capital.
Referring to the successful implementation of the mobile governance service ‘M-One’, the chief minister said easy access to public services for all citizens was as important as promoting industrial development.