Karnataka and Bangalore should become the global hub of the technology centres looking toward India, said Piyush Goyal, the Union Minister of Commerce & Industry, Government of India, at the Invest Karnataka 2025 event on Wednesday.
Speaking at the event, he said “The government of India will always be ready and stand as a pillar of support for Karnataka. In the future, I am sure it will be a beacon of energy and inspiration to other sectors. In Karnataka, I hope we can promote Fintech, tourism, the media and animation industry, and the gaming industry so that in the years to come, technology will define the growth story of Karnataka and become the backbone of India’s growth story.”
The Union Minister also pointed out that India is on its journey to becoming a $5 trillion economy and the third largest in the world by 2027. Contributing to this are various growth factors.
This fiscal year, India’s exports are said to grow to $800 billion, with Karnataka playing a major role in exporting both goods and services, he observed. The country has seen nearly $700 billion of FDI inflow in the last 10 years.
Alongside, in less than 30 years, India is said to add $30 trillion to its economy. “We have been watching various growth scenarios. PM Modi does not believe in business as usual. He looks at transformative initiatives and reforms as the country’s mantra so we can grow from a $4 trillion economy to a $35 trillion economy by 2047 when we celebrate 100 years of independence.”
Goyal also shared that Karnataka’s Deputy Chief Minister DK Shivakumar was requesting some offerings to the State.
100 new industrial hubs and clusters
“In this budget, we announced 100 new industrial hubs and clusters which will be offered on a challenge. I would urge M.B. Patil and the infrastructure ministers here to work towards creating several industrial hubs in different parts of the state along with the PM Mitra Park I had sanctioned as the Textiles Minister in Kalburgi. This is being developed as a joint venture between the State government and the center.”
He also recalled the industrial smart city in Tumkur, one of the largest smart cities featuring plug-and-play infrastructure. Nearly 7,500–8,000 acres of land will be developed into a walk-to-work township. The first phase, covering 1,736 acres, is underway and is expected to be completed by the end of next year.
Goyal also highlighted the focus on the global capability centres (GCCs) being set up across the country and Karnataka, with Bengaluru, in particular, having the potential to host more GCCs.
“Tech and future industries are where Karnataka has made rapid strides. I feel we should work together to promote AI, quantum computing, the semiconductor industry, space technology, and the biotech industry, and together, we can work as partners in progress.”