Karnataka joins race to $1 trillion economy by 2032
By Our Special Correspondent
New Delhi, March 8: After Uttar Pradesh, the Bharatiya Janata Party-ruled Karnataka also has joined the race to become a $1 trillion economy. While UP is aiming to become $1 trillion economy by 2027, Karnataka aims to achieve the feat by 2032.
A report has been prepared by the Planning Department of Karnataka to lay down the blueprint to achieve the status of $1 trillion economy. Chief Minister Basavaraj Bommai has said in a foreword to the report that Karnataka Budget which was passed by the state Assembly last month already has incorporated as many as 70 per cent of the recommendations made by the report, which has taken inputs from independent economists, including industry bodies. The committee was assisted by FICCI, McKinsey and industry experts.
“I am happy to see that the recommendations of the committee aim at increasing growth rate of agriculture from 13.3 per cent to 16.3 per cent, industry from 8.8 per cent to 16.8 per cent, service sector from 13.6 per cent to 16.9 per cent, aiming for the overall growth rate at 16.8 per cent by 2032,” the chief minister states in his note in the report.
The report has called for focus on micro irrigation, digitising agriculture to improving post-harvest management and social and economic infrastructure, youth internship, MSMEs, tourism, tech-enabled industries among others. “In order to ensure regionally balanced growth aspirational taluk program has been announced. Data Lake to use Artificial Intelligence (AI) based big data analytics for policy making has also been announced,” added Bommai.
The State Institute for Transformation of Karnataka would work on the implementation of the recommendations of the report. “We propose to make district as a fulcrum of growth and development by strengthening capacity building, infrastructure support and delegation of powers to field level functionaries,” added Bommai.
Shalini Rajneesh, additional secretary, stated that the mission to prepare the roadmap to create $1 trillion economy for Karnataka was prepared in a span of 140 days. The action plan has been prepared through 14 sub-committees working simultaneously, she added. “Initiatives like encouraging agri-tech startups in agro-processing, online marketing, multiple cropping, IOT based micro irrigation and encashment of carbon credits is expected to increase the growth rate of agriculture sector from 13.3 per cent to 16.3 per cent and GDP from Rs 2.9 lakh crores to Rs 13.3 lakh crores by 2032,” she added.
It may be recalled that Prime Minister Narendra Modi had begun speaking of India becoming a $5 trillion economy in the run up to the 2019 Lok Sabha elections. Four years afterwards, India remains close to $3.50 trillion economy, with the gross domestic product sinking quarter after quarter, with the Reserve Bank of India hoping that 6.5 per cent growth rate would be achieved next year.
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