Karnataka Advances into New Phase of Growth with New-Age Businesses, Says Minister MB Patil

Karnataka is advancing in sectors like data centres, AI, and green energy, according to senior state minister MB Patil. After excelling in traditional industries for decades, the state is now focusing on new-age businesses. Patil shared these insights during the World Economic Forum Annual Meeting, highlighting Karnataka's significant engagements with global companies.

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Patil emphasised Karnataka's pioneering role in various fields. The state's ecosystem began developing before independence with institutions like HAL, BEL, BHEL, ISRO, and the Indian Institute of Science. "We have been pioneers in IT as well with excellent companies and colleges," he stated. Karnataka hosts 400 out of the Fortune 500 global companies.

Focus on Innovation and Sustainability

Karnataka is not only an IT hub but also leads in machine tools and electronics system development management. The state is a leader in aerospace and defence manufacturing, accounting for 65% of India's production. Patil noted that Karnataka is now the startup capital of India and ranks first in the innovation index.

The state is concentrating on AI, quantum computing, and semiconductors. Many meetings at the forum focused on these areas. "Our installed capacity is 67 per cent of green energy, whether it's hydel, wind or solar," Patil mentioned. He highlighted Karnataka's global competitiveness and its focus on sustainability.

Engagements at World Economic Forum

Patil refrained from disclosing specific investment figures but mentioned a record number of engagements at the forum. This number was likely higher than any other state. He stressed the importance of sustainability in Karnataka's industrial policy, offering incentives for sustainable practices, women's workforce participation, and research and development.

"We are coming to the last phase of the Davos meeting. We had wonderful engagements, probably one of the highest at around 60 engagements with global companies," Patil said. The state's strategic focus on new technologies and sustainable infrastructure positions it as a key player on the global stage.

Karnataka's commitment to innovation and sustainability continues to attract attention from international businesses. The state's efforts to integrate advanced technologies into its economy are paving the way for future growth and development.

With inputs from PTI