Large and Medium Industry Minister MB Patil announced on Tuesday that Karnataka will establish 12 new investment zones on 30,000 acres, along with more than 200 existing industrial areas.
Speaking at the first GIM Investor Karnataka 25 event, he said these zones will be equipped with world-class infrastructure and that 3,800 crores will be allocated to supply clean water to industrial areas.
The minister added that government policies focus on improving efficiency while reducing production costs. To achieve this, a “cluster-based policy” has been adopted. This includes setting up clusters of aerospace and defense, electric vehicle manufacturing, pharmaceutical, deep technology and drone parks.
The Karnataka Industrial Area Development Committee (KIADB) has already developed over 85,000 acres of industrial areas, home to 25,000 industries.
“The fierce competition with China and global uncertainty have made the state determined to redefine the industrial landscape. With a focus on digital transformation, environmentally friendly initiatives and competitiveness, Karnataka is a global one. It will become a hub for manufacturing and innovation,” Patil said.
According to the Minister, the adoption of technology, the appeal of investment and the establishment of competitive industries are seen as key drivers of future economic growth. The government is also implementing digital transformation within the industrial sector, paying particular attention to environmentally friendly initiatives to reduce emissions.
The government is focusing on supporting small and medium-sized industries employing 55 people, eight raks, small and micro-units, to promote economic growth and job creation, he added.
