Karnataka: New Growth Phase in New-Age Businesses

Davos, Jan 22 (PTI) Karnataka has entered a new phase of growth in new-age businesses like data centres, AI, green energy, advanced manufacturing and sustainable infrastructure development, after proving its mettle in traditional businesses for decades, senior state minister MB Patil said here on Thursday.

Speaking to PTI during the World Economic Forum Annual Meeting, he said, "We are coming to the last phase of the Davos meeting. We had wonderful engagements, probably one of the highest at around 60 engagements with global companies".

He said Karnataka is a futuristic state and has been a pioneer in many areas.

"Our ecosystem actually developed even before independence with HAL, BEL, BHEL, ISRO and the Indian Institute of Science, like institutions. We have been pioneers in IT as well with excellent companies and colleges," he said.

"Today, we have 400 out of Fortune 500 global companies in Karnataka. We are not just an IT capital, we are also a machine tools capital," he said.

"We are number one in machine tools, in electronics system development management, and obviously in aerospace and defence manufacturing, with Karnataka accounting for 65 per cent of manufacturing."


He said Karnataka is now also the startup capital of India, it is number one in the innovation index, and several space startups are also being set up in the state.

Now, we are also focusing on AI, quantum computing, semiconductors, etc., and a lot of meetings here have been focused on these areas, Patil said.

"Our installed capacity is 67 per cent of green energy, whether it's hydel, wind or solar. So, Karnataka is the state to look forward to, and we compete globally," he said.

He said the state lays a lot of emphasis on sustainability in its industrial policy.

"We provide incentives for sustainability, for women's force and for research and development," he added.

Without getting into any figures for investment commitments, Patil said he and his delegation had a record number of engagements here, which was probably higher than any other state.