Karnataka CM DK Shivakumar says Rs 43,214 crore investments approved in 100 days

Fresh updates from the financial markets indicate that Karnataka CM DK Shivakumar on September 10 unveiled an investment-led expansion blueprint for the state, targeting a $1 trillion economy by 2037, with a focus on attracting domestic and foreign investments, expanding industrial activity beyond Bengaluru and creating jobs.

Speaking at 'Drudha Karnatakada Sankalpa' programme at Vidhana Soudha to mark 100 days of government, Shivakumar stated investments worth Rs 43,214 crore had been approved in the first 100 days.

"Priority has been given to fast approvals to achieve industrial progress in the state, and an investment of Rs 43,214 crore has been approved in 100 days," he stated.

The government plans to introduce an acceleration package for backward taluks to attract investments and promote industrial development beyond Bengaluru.

Additionally, read: 100 days of DK Shivakumar: Karnataka targets $1 trillion economy by 2037; plans Rs 1.5 lakh cr capital investment in 500 days

Rs 20,000 crore manufacturing cluster in Doddaballapur

Karnataka has approved the establishment of a Rs 20,000 crore manufacturing cluster spread across 4,000 acres in Doddaballapur, Shivakumar stated.

The state is additionally seeking to strengthen sector-specific investment opportunities through a textile policy and the proposed Bellary Jeans Parks. Aerospace and defence policies have additionally been formulated, he stated.

To attract more global capital, the government plans to create a separate ministry focused on foreign market participants and non-resident Indians (NRIs). “A separate ministry will be created to attract foreign market participants and for non-resident Indians. In this way, those interested in investing from outside will be encouraged,” Shivakumar stated.

Rs 2.53 lakh crore invested in Karnataka in three years

Shivakumar stated Karnataka had attracted Rs 2.53 lakh crore in investments over the last three years, adding that the state ranked second in the country in attracting foreign investment.

These investments are anticipated to generate more than 6 lakh jobs, according to the government.

Karnataka's gross state domestic product (GSDP) has risen to Rs 32.81 lakh crore, registering 8.1% expansion, Shivakumar stated, adding that the state's expansion rate was elevated than the national rate.

'Beyond Bengaluru' investment propel

The state is additionally looking to diversify its investment base through its 'Beyond Bengaluru' strategy, with a focus on expanding technology and industrial activity in second-tier cities.

The government plans to establish five global technology centres in Kalaburagi, Belagavi, Hubballi-Dharwad, Mangaluru and Mysuru.

Karnataka is additionally formulating coastal and Malnad tourism policies as part of efforts to drive economic activity outside Bengaluru.

AI, technology to drive next phase

Shivakumar stated Karnataka was entering an AI-fuelled phase, with plans to establish what the government describes as India's first government-sponsored AI university.

The state additionally plans to introduce AI education for children from Class 6.

Other initiatives include a CSR portal for schools and programmes aimed at strengthening Karnataka's technology, education and skills ecosystem.

Capital investment, infrastructure stay priorities

Capital investment will stay a key priority as Karnataka seeks to sustain economic expansion, the government stated.

Shivakumar stated the government had allocated Rs 2,000 crore for road development in Bengaluru during its first 100 days.

The state is additionally pursuing water-security projects, including the Mekedatu project, while planning five new parks modelled on Lalbagh.

The government has set a broader objective of making Karnataka “economically firm, socially empowered and technologically advanced”, with investment, employment and regional development forming key pillars of its expansion strategy.

Shivakumar stated the state's broader goals include reducing malnutrition, school dropout rates and poverty to zero, as Karnataka works towards its $1 trillion economy target by 2037.