'Karnataka to help India in becoming $5 trillion economy': CM Yediyurappa

Karnataka will have a significant contribution towards making India a $5 trillion economy by 2024-25, Chief Minister BS Yediyurappa said on Friday. Addressing the 'Invest Karnataka 2020' meet in Hubballi, the Chief Minister asserted that Karnataka had the ability to contribute to the country's economic growth in achieving the $5 trillion GDP target by 2024-25, as envisioned by Prime Minister Narendra Modi.

While inaugurating the day-long investors' meet aimed at attracting investments and creating jobs in the state's northern regions, Yediyurappa said his government would provide timely approvals to facilitate ease of doing business.

READ | Laid Foundation For USD 5 Trillion Economy In Budget: FM

New Land Reforms Act

The Chief Minister also announced that the Karnataka Land Reforms Act will be amended in the forthcoming budget session, to speed up the approvals in 30 days. He reiterated that in case clearances for land acquisition and conversion are not provided in a month, the investment proposal will be considered 'approved' under the new law.

Investment opportunities

Yediyurappa said, as Karnataka is rich in natural and human resources, especially in high-technology and skilled workforce, there is ample of investment opportunities in aerospace, automobiles, machine tools, electric vehicles and biotechnology, besides information technology.

He recalled that nearly 40 global firms had expressed willingness to invest in the state during a roadshow held at Davos in Switzerland on the sidelines of the World Economic Forum (WEF) meet on January 23.

READ | UP To Play Big Role In India's Goal To Become $ 5 Trillion Economy: Rajnath Singh

New Industrial Policy

Under its new industrial policy, the state government will open up separate clusters to make toys at Koppal, textiles at Bellari, solar equipment at Kalaburagi and farm machinery at Bidar. Yediyurappa added that the government is committed to make north Karnataka a "powerhouse of industries" for the development of the region, with Hubballi-Dharwad as its growth hub.

State Industries Minister Jagadish Shettar said that as Karnataka witnessed the presence of about 1,000 investors-cum-industrialists from across India and overseas, it was a testimony to the potential of the region for huge investments and job creation. Shettar, who hails from Hubballi, added that international companies choose the state as a major destination for investments in India, and to set up their operations due to our investor-friendly policies and ease of doing business terms.

READ | USD 5 Trillion Economy Goal Difficult, Not Impossible: Gadkari

Efforts to promote the regional potential

The Industries Minister also said that while metropolitan areas are the growth engines in Karnataka, investments in cities and towns across the state would ensure regional competitiveness and uniform development. He added that the Yediyurappa government is creating an ecosystem in tier II and tier III cities with land banks and regional connectivity to allow industrial development.

Union Minister for Parliamentary Affairs Pralhad Joshi, Union Minister of Chemicals and Fertilisers D.V. Sadananda Gowda and Minister of State for Railways Suresh Angadi, who hails from the southern state, also participated in the meet.

READ | G Kishan Reddy Says 'Confident Of Achieving Modi's Vision Of A 5 Trillion Dollar Economy'