Karnataka’s Minister for Large and Medium Industries, M B Patil said on Tuesday that the government aims to increase the state’s industrial exports to $100 billion annually, up from the current $ 27 billion.
He made this statement during a second round of discussions with officials and leading industrialists regarding “Utpadana Manthana”, a two-day event scheduled for the end of April.
The event aims to transform Karnataka into a global manufacturing hub, according to a statement from his office.
“Our target is to raise the state’s industrial exports to $ 100 billion annually from the current $ 27 billion. In today’s meeting, we discussed the policies that need to be implemented and the changes required at the central government level to achieve this goal,” Patil said.
He further emphasised that the state’s industrial sector is currently dominated by service-oriented activities and stressed the need to prioritise domestic manufacturing.
Highlighting that several startups have an annual turnover of Rs 250 crore, the minister proposed that startups should be given up to 30 per cent representation as participants in the event.
He also noted that manufacturing companies from neighboring states would be invited to participate, adding that discussions are underway on measures to attract these companies to invest in Karnataka.