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Hans India
2 days ago
- Business
- Hans India
State to become world's ‘Capital of Innovation': CM
Bengaluru: Chief Minister Siddaramaiah on Friday said Karnataka is already India's IT capital, and it is now stepping forward to become the world's 'Capital of Innovation'. He said Karnataka ranks second nationally in attracting foreign direct investment, and remains among the nation's leading industrial states. The Chief Minister said this while delivering his address at the 79th Independence Day celebrations here. 'Our government has never lagged in prioritising industrial growth. To manage and develop the state's largest industrial regions into global manufacturing hubs with world-class infrastructure, 18 industrial areas covering 44,166 acres have been declared Special Investment Regions. Alongside, we continue to encourage small industries,' Siddaramaiah said. He said, investors have expressed interest in bringing in over Rs 10 lakh crore in investments. Out of this, 48 per cent has already been processed under Single Window IT Platform. Karnataka remains among the nation's leading industrial states, with the manufacturing sector contributing 23.6 per cent to the state's GSDP, and the state ranks second nationally in attracting foreign direct investment, he said. 'A new Tourism Policy has been implemented to boost tourism in the state by developing world-class infrastructure and fostering entrepreneurship in the sector.' Noting that the government has rolled out multiple programmes for the welfare of labourers, particularly in the unorganised sector, the CM said, 'We will be soon implementing the Karnataka Labour Policy to ensure job security.' The state has made significant achievements in the services sector, which contributes 66.7 per cent to our GSDP, he said, 'We are not only safeguarding the interests of all workers engaged in this sector, but enacting 'Platform-Based Gig Workers Bill' for the welfare of over five lakh gig workers.' Under this Bill, the government is introducing an insurance scheme providing coverage of up to Rs 4 lakh for these workers, he added. The government is undertaking various initiatives for job creation, Siddaramaiah said and added that at Invest Karnataka-2025 (Global Investors Meet), held in February 2025, a total of 3,250 entrepreneurs participated. 'We signed agreements with 98 companies for investment of Rs 6,23,970 crore, and 1,101 companies have obtained necessary approvals for investments worth Rs 4,03,533 crore. These initiatives are expected to generate over 6 lakh jobs,' he said. In 2023-24, Karnataka attracted Rs 54,427 crore in foreign investment, ranking third in the country, Siddarmaiah said. 'In 2024-25, we have attracted Rs 56,030 crore, moving up to second place nationally,' he added. Stating that Karnataka is at the forefront in quantum technology, artificial intelligence, renewable energy, and biotechnology, Siddaramaiah said the country's first quantum computer is in Karnataka. 'Our Karnataka Quantum Mission will shape the future of science.' 'We are not merely creating jobs. We are creating ideas, inventions, and innovations that change lives. These ideas are reaching far beyond our borders,' he added.
Deccan Herald
2 days ago
- Business
- Deccan Herald
Karnataka stepping forward to become world's 'Capital of Innovation': Siddaramaiah
He said, investors have expressed interest in bringing in over Rs 10 lakh crore in investments. Out of this, 48% has already been processed under Single Window IT Platform.
The Hindu
2 days ago
- Business
- The Hindu
Independence Day: CM says Karnataka's economy is robust, bolstered by guarantees
Amid criticism by the opposition BJP and JD(S) that guarantee schemes had rendered Karnataka 'bankrupt', Chief Minister Siddaramaiah sought to argue in his Independence Day address that the State's economy was robust, bolstered by its welfare schemes. This, he underlined, was despite 'facing discrimination in distribution of resources from the Centre'. Delivering the Independence Day address at the Field Marshal Sam Manekshaw Parade Ground in Bengaluru on August 15, the Chief Minister said the State ranks first in the country in per capita income. Over the past decade, the State had achieved a growth of 101% in this indicator, from ₹1,01,858 at constant prices in 2013–14 to ₹2,04,605 in 2024–25. Countering the argument that capital expenditure had taken a back seat owing to guarantees, he said, 'This year, we have allocated ₹83,200 crore for capital expenditure. Karnataka is among the leading States, with 20.1% of its budget dedicated to infrastructure development.' Impact of good rains The Chief Minister sought to argue that Karnataka focused on both agriculture and industry. He said that bountiful rains this year had particularly helped in augmenting agricultural and horticultural production. 'Compared to previous years, in 2024–25, we have broken all previous records in agricultural and horticultural output,' he said. Pointing out that the previous government sought to privatise APMCs, handing over farmers' livelihoods to corporate capitalists, Mr. Siddaramaiah said, 'In contrast, our government strengthened APMCs, resulting in record arrivals of 164 lakh metric tonnes of agricultural products in 2024–25, a remarkable increase of 447%. This is the highest in the history of Karnataka's APMC.' The government has allocated ₹51,339 crore for the agriculture sector in the 2025–26 budget, an increase of 52.34% compared to 2022–23. Listing out measures for the industrial and tourism sectors, the Chief Minister said 18 industrial areas covering 44,166 acres have been declared Special Investment Regions. 'Investors have expressed interest in bringing in over ₹10 lakh crore in investments. Out of this, 48% has already been processed under Single Window IT Platform. Karnataka remains among the nation's leading industrial States, with the manufacturing sector contributing 23.6% to the State's GSDP, and our State ranks second nationally in foreign direct investment,' Mr. Siddaramaiah said. On the other hand, Chief Minister Siddaramaiah said that his government's guarantee schemes are 'transforming the trajectory of Karnataka's development'. For better distribution 'Surveys by leading national institutions reveal a stark truth: the wealthiest 10% of our population hold 80% of the nation's wealth, yet they contribute only about 3% of the GST collected. The remaining 90% ordinary people, who work daily for food and clothing, shoulder nearly 97% of GST payments. How can any economy sustain itself under such circumstances? It is with the intention of finding answers to these very questions that we launched the guarantee schemes and other welfare programmes. Our government is spending more than ₹1.12 lakh crore on welfare measures, including guarantee schemes, subsidies, incentives, scholarships, social security pensions, and other social programmes,' he said. 'The ideology of Manuvad asserts that only the powerful should thrive while the rest remain as labourers and subordinates, an idea similar to Social Darwinism. In contrast, our Constitution stands firmly for Samvidhanvad, the principle that the weakest and most vulnerable must receive priority,' Mr. Siddaramaiah said. 'Committed to caste census, internal quota' Chief Minister Siddaramaiah said the decision to conduct a social and educational survey of the backward classes (popularly called caste census) through the Karnataka Backward Classes Commission was taken to understand people's living conditions. 'Only accurate data can shape policies that transform lives and future schemes, which can provide special representation and targeted justice. To ignore this would be to betray both our Constitution and our freedom struggle. Hence, our government is serious about internal reservation within the Scheduled Castes and conducting a socio-educational survey of the backward classes,' he said.
