[vc_row][vc_column][vc_column_text]KARNATAKA has made rapid strides over the last four years towards socio-economic welfare of its 6.5 crore people across the State under the leadership of Hon’ble Chief Minister Sri Siddaramaiah. Several schemes have been announced for the welfare of the people, but what stands out is the parallel focus towards industrial development and commence.
Karnataka is one of the leading States in driving India’s economic growth. The State GDP of Rs 2970 billion (US$ 49 billion) in 2012-13 (at constant prices) grew at 5.3%, higher than the national GDP of 5% when compared to FY 2011-12. – M.C. Dinesh, President, FKCCI The State Government considers industrial growth as a means to mitigate poverty and unemployment. Development of industry, trade and service sector promotes higher capital vibration, improves per capita income level, absorbs surplus work force. To realize these benefits and expedite socio economic changes, the State accords top priority for industrial development. In the process, it is aimed at advancing the cause of inclusivity, balanced industrialization and creating employment opportunities across different classes and categories of populace.
The State’s exports of Rs. 2400 billion (US$ 40 billion) during the period2013-14 constitutes 12.69% of all India exports. Its share in the national exports for IT is 40% and for electronics and hardware is 38%. The share of electronics and software in State’s exports stands at 60% for the period 2012-13. The State is home to the fourth largest technology cluster in the world after Silicon Valley, Boston and London. The Manufacturing sector employs 11% of the work force followed by Construction sector with 9.80%. Service sector (Secondary and Tertiary sector) employs 46% of the work force as per Economic Survey of Karnataka 2013-14.
There are about 1054 large & medium manufacturing industries in various sectors in the State which include Machine Tools, Steel, Cement, Automotive and Aerospace industries. In addition, about 2500 IT companies including 700 MNC, 600 Textile units and large Agro-based industries providing substantial employment opportunities to the youth are thriving in the State.
The State is home to major automotive industries such as Toyota Kirloskar, Volvo, Honda Motors, TVS, Tata Marco Polo, L&T Komatsu, Mahindra, Reva, Scannia, Bosch, Siemens, JK Tyres etc. It is also the Biotech capital of India and home to nearly 60% of India’s biotech units. It has planned dedicated Bio-technology parks and centres such as Nutri/Nutraceutical and Phyto-Pharmaceutical Parks (N2P2) at Mysuru, Marine Bio-tech Park at Mangaluru, Agri-biotech Park at Dharwad and Vivarium (Animal house) at Bidar.[/vc_column_text][/vc_column][/vc_row]