Government of Karnataka

Department of Information

Saturday 06/02/2016

Chief Minister’s speech at the inaugural of Invest Karnataka-2016 Investors’ Meet at Bengaluru Palace

Date : Wednesday, February 3rd, 2016

Hon’ble Chief Minister’s Speech
03-02-2016 / 10-00 A M / Palace Grounds, Bengaluru

Shri Arun Jaitely,
Hon’ble Union Minister for Finance,
Information and Broadcasting,

Shri Nitin Gadkari,
Hon’ble Union Minister for Road Transport and Highways,

Shri M. Venkaiah Naidu,
Hon’ble Union Minister for Parliamentary Affairs and Urban Development,

Shri H. N. Ananth Kumar,
Hon’ble Union Minister for Chemicals and Fertilizers,

Shri R. V. Deshpande,
Hon’ble Minister for Tourism, Large and Medium Industries,

My Cabinet Colleagues, Legislators, Members of Parliament,

Industry Captains, Heads of Trade and Industry Associations
Ambassadors, High Commissioners and Consul Generals,
Our esteemed Chief Guests and Guests of Honour,

Heads of delegations and delegates from our Partner Countries of
Japan, Germany, France, United Kingdom, Italy, Republic of Korea and Sweden,

Delegates from other foreign countries,

Shri Arvind Jadhav,
Chief Secretary to the State Government,

Smt K Ratna Prabha,
Additional Chief Secretary to Government,
Department of Commerce and Industries,

Representatives from other States,

Media friends, Ladies and Gentlemen,

1. I am very much delighted to welcome you all to this historic State of Karnataka.

2. At the outset, I thank each and every one of you for having accepted our invitation to grace this important occasion.

3. The presence of such high profile international and Indian dignitaries on and off the dais is a testimony to the unprecedented support and reception that Invest Karnataka has received.

4. I must admit that I am both proud and humbled at the same time.

5. The enormous interest and enthusiasm to invest in Karnataka, places immense responsibility on us and let me say that Karnataka is fully prepared to shoulder this responsibility.

6. We will do everything possible to enable seamless conduct of business, with total transparency and with the assurance that your projects will be speedily implemented.

7. Friends, the word Karnataka has been derived from the words Karu which means elevated and Nadu which means land. This land is not only geographically elevated, but is also elevated  due to its rich history, culture and most importantly, its futuristic outlook, which has led to stupendous socio-economic achievements.

8. My very special thanks to Shri Arun Jaitley-ji for accepting our invitation to be present here today.

9. Jaitley-ji, I know this is a very busy time of the year for you. A visit to Bengaluru could not have come at a better time as you prepare for your Third budget. I take this opportunity to sincerely wish you the very best for a budget, which will spur growth.

10. Since we assumed office in May 2013, we have had a single-minded focus on uplifting the people of our State. To do this, we outlined a vision of Shared growth and prosperity for the 65 million people who reside in Karnataka.

11. Friends, developed economies are going through a recessionary phase, which has further been impacted by the slowdown in China.

12. But as they say, adversity brings opportunity. India’s consumption-driven economy, its demographic dividend, and its competitive wage rates, give it a definite edge over any other major global emerging economy.

13. If there is any time in the history for India to take a winning leap, it is now. Friends, opportunity is not knocking, it is thumping our doors.

14. Last year, consulting firm PWC (Pricewaterhousecoopers) brought out a report titled The Future of India, which noted that at the present growth rate, India will become a US $ 5.6 Trillion economy in the next 20 years. But, this itself is not enough.

15. As a nation, we have to create 12 million jobs every year. A nine per cent Gross Domestic Product growth rate year on year for the next 20 years will help us increase our per capita income from US $ 1,500 to US $ 7,000. This should be our goal. Only then will we secure our future and provide quality life for our aspiring young population.

16. Today, I commit to all of you, that Karnataka will be at the forefront of helping India march towards such a goal.

17. Karnataka is a US $ 120 Billion economy. Let us make it a US $ 700 Billion economy by 2035. If India aspires to grow at 9 per cent let us aspire for Karnataka to grow at 10 per cent.

18. Each one of you seated here today, already has, or could have a stake, in Karnataka’s journey and indeed, in our country’s future.

19. What makes Karnataka so special and unique?

20. For about five decades after independence, most international delegations would visit Delhi and Mumbai, while, Bengaluru and Karnataka were quietly evolving.

21. All that has changed today. Every international delegation makes Bengaluru and Karnataka as their destination in India because today’s Karnataka is not quiet anymore, it is booming with activity.

22. Some of the stalwarts who catalyzed this change are sitting on the dais – Shri N. R. Narayan Murthy, Shri Azim Premji and Smt Kiran Mazumdar Shaw – we are proud of them.

23. Friends, Karnataka possesses the unbeatable combination of hi-technology and an outstanding workforce.

24. Friends, Karnataka’s standing as one of the most progressive and industrialised States in India has been recognised Worldwide.

25. The World Economic Forum has identified Karnataka among the top four Innovation Hubs in the World and Bengaluru ranks as the Fourth largest global tech cluster after Silicon Valley, Boston and London.

26. But, this has not happened overnight. Our tryst with futuristic technologies is more than a century old.

27. We were the first in Asia to commission a hydro-electric project. We were the first in Asia to get electricity. Our products and services reached the global market, our aircrafts took to the skies and the satellites built in Bengaluru reached outer space, long ago.

28. Over the years, more than 400 of the biggest Fortune 500 companies have made Karnataka their home and continue to invest here. New interest and investments continue to pour in every day.

29. The city of Bengaluru is the hub for several economic activities such as Information Technology, Bio-Technology, Science and Technlogy, Aerospace and Startups.

30. ABB, Airbus, AstraZeneca, Bosch, Cisco, Dell, GE, General Motors, Goldman Sachs, Honda, Honeywell, IBM, Intel, Mercedes, Rolls Royce, Scania, Schneider, Taegutec, Texas Instruments, Toyota, UTC, Volvo and Yahoo are some of the global brands, who have been here for many years. Karnataka houses more than 400 Research and Development Insitutions and Innovation Centres of global brands – perhaps, no other region in the World can boast of such a concentration of brands.

31. Many Indian companies prefer Karnataka. Infosys, Wipro, Biocon, Tata, Mahindra, Reliance, Himatsingkha, Asian Paints, TVS, JSW and many, many others. It is also the preferred place for Small and Medium Enterprises and startups.

32. The reason for all this is simple. Our outstanding talent pool, the ability to envision the future - and make it happen through technology.

33. Friends, Karnataka is the land of prosperity. Karnataka is the PLACE TO BE for companies. Come here and you are assured of prosperity.

34. Our Government is continuously improving its infrastructure in roads. Three Fourth of our core road network has already been taken up or completed with high standards.

35. In addition, we are upgrading airports, ports, and rail network. In fact, Karnataka is the first State to be providing for development of railway network in the country.

36. I hope that Shri Arun Jaitley-ji will consider allocating more funds to Karnataka in the ensuing budget to facilitate further growth.

37. In the last two and a half years, we have brought out several policies to strengthen industrial growth of the State. These include the New Industrial Policy 2014-19, Karnataka’s Information Technology, IT - enabled Services, Innovation, Incentives Policy ( I4 Policy ), Textile Policy, Karnataka Agri Business and Food Processing Policy-2015, Start-up, Tourism and other policies. These polices while being sector-oriented also have many complimentaries to promote growth in related sectors.

38. Our Start-up Policy covers Information Technology, Bio-Technology and Manufacturing Sectors.

39. The first startup warehouse set up by the State Government in association with NASSCOM, has been a successful experiment resulting in over 64 startups being incubated.

40. I am glad to state that as per the Global Startup Eco-system Ranking Report 2015, Bengaluru is the only Indian City to be ranked amongst the 20 Startup eco-systems in the World.

41. We have taken many steps in promoting ease of doing business in Karnataka. In order to make it much more effective, we will explore setting up an Industry-Government Partneship Entity, which can provide and promote a host of services under the Invest Karnataka Brand.

42. Friends, through a clear vision and well-defined road map, our Government is working towards propelling Karnataka to contribute to India’s growth in a significant way.

43. Since we assumed office, we have received Foreign Direct Investment worth US $ 5.2 Billion. We rank as the State with the Second highest FDI in India. We have cleared more than 500 projects worth over US $ 20 Billion.

44. Karnataka is being put on a high growth trajectory. Our focus is to ensure economic growth for each and every person in the State. Our goal is to make our state highly prosperous.

45. Friends, Invest Karnataka is not an end in itself. In fact, it is the beginning of a new chapter in the history of this great land. A land which desires for its high growth and the growth of the nation. Our goal is to make Karnataka the growth engine of India. And I WELCOME YOU TO KARNATAKA – the land, where the future is being made !

Thank you one and all !
Jai Hind !  Jai Karnataka !