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Karnataka targets 15-16% industrial growth by 2032, says CM Siddaramaiah

YourStory

YourStory · 1y ago

Karnataka targets 15-16% industrial growth by 2032, says CM Siddaramaiah

Karnataka Chief Minister Siddaramaiah has announced the state's goal of achieving an industrial growth rate of 15-16% annually, to reach a GDP of $1 trillion by 2032. This announcement was made at the curtain-raiser event for the Invest Karnataka global investors meet, which is scheduled for February 2025. The event will highlight rural development and feature over 100 speakers, with the launch of initiatives such as SME Connect 2025 and VentuRISE 2025, a global startup challenge focused on specific sectors. The state aims to attract investors with its upcoming industrial policy and competitive incentives.

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Gig workers to get ₹4 lakh insurance cover in Karnataka: CM

Inshorts · 1y ago

Gig workers to get ₹4 lakh insurance cover in Karnataka: CM

On Friday, Karnataka Chief Minister Siddaramaiah revealed that gig workers employed as delivery personnel in e-commerce platforms such as Amazon, Zomato, and Swiggy would receive an insurance coverage of ₹4 lakh. This coverage includes ₹2 lakh for life insurance and ₹2 lakh for accident insurance. The Chief Minister confirmed that the government would bear the entire insurance premium.

PM Modi Meets Foxconn Chief, Discuss India Investment Plans

Inc42 · 10m ago

PM Modi Meets Foxconn Chief, Discuss India Investment Plans

PM Narendra Modi and Foxconn chairman Young Liu discussed the company's investment plans in states like Karnataka, Tamil Nadu, and Andhra Pradesh. Liu also met with senior Mizoram official Jonathan Lalremruata to explore potential investments in the state. Furthermore, Liu is scheduled to meet with Karnataka CM Siddaramaiah and state industries minister MB Patil on August 16.

Foxconn chief to meet Karnataka CM Siddaramaiah on August 16, India manufacturing unit in focus: Report | Mint

Livemint

Livemint · 10m ago

Foxconn chief to meet Karnataka CM Siddaramaiah on August 16, India manufacturing unit in focus: Report | Mint

Chairman and CEO of Hon Hai Technology Group (Foxconn), Young Liu, is scheduled to visit Karnataka in India. During his visit, Liu will meet Chief Minister Siddaramaiah and Minister for Large and Medium Industries, MB Patil. He will also visit Foxconn's under-construction manufacturing plant in Bengaluru. Although it is unclear if new investments will be announced, the visit is seen as an opportunity for further economic growth and job creation in the region. Foxconn is investing ₹8,500 crore in the plant, which is expected to generate 100,000 jobs in the coming years.

Karnataka: Cabinet committee clears sops for three semiconductor projects

Economic Times

Economic Times · 1m ago

Karnataka: Cabinet committee clears sops for three semiconductor projects

The Karnataka cabinet subcommittee, led by Chief Minister Siddaramaiah, approved incentives for investments by Applied Materials, Lam Research, and Bharat Semi Systems to bolster the state's semiconductor industry. The projects include an R&D Fab by Applied Materials in Bengaluru, two units by Lam Research for advanced semiconductor technologies, and a design manufacturing facility by Bharat Semi Systems in Mysuru. These initiatives aim to make Karnataka a global semiconductor hub, creating over 3,500 jobs.

₹2k cr being invested in Narmadapuram to make it renewable energy hub: MP CM

Livemint

Livemint · 6m ago

₹2k cr being invested in Narmadapuram to make it renewable energy hub: MP CM

Madhya Pradesh Chief Minister, Mohan Yadav, announced a ₹2000 crore investment in the Narmadapuram region to develop it as a renewable energy hub. The industrial area of Mohasa-Babai will be the center of development, providing employment opportunities to the youth in surrounding areas. With its abundant forest resources and good connectivity, Narmadapuram is suitable for industrial growth. Land allotment letters were distributed to various renewable energy companies, further promoting the region's industrial development. This marks the sixth Regional Industrial Conclave in Madhya Pradesh.

Why IT services firms don’t offer full-year guidance but set lofty goals

Livemint

Livemint · 7m ago

Why IT services firms don’t offer full-year guidance but set lofty goals

Indian IT services companies like LTIMindtree, Coforge, Sonata Software, and Happiest Minds have set ambitious revenue targets despite not providing full-year guidance. LTIMindtree, for example, aims to more than double its revenue to $10 billion by 2032, while Coforge aspires to achieve combined growth of $4 billion in the next four fiscal years. Although investors have remained unenthused, companies believe that setting lofty goals demonstrates their vision and attracts investor attention. Such targets are not limited to mid-cap companies and have been previously announced by larger firms, although they often fall short of expectations.

South leads in bioeconomy boom with 45.4% share in 2024

Economic Times

Economic Times · 3m ago

South leads in bioeconomy boom with 45.4% share in 2024

In 2024, South India led India's bioeconomy with a 45.4% share, followed by the western region. Maharashtra, Karnataka, and Telangana were key biotech hubs. The bio-industrial sector, alongside biopharma, drove India's bioeconomy to $165.7 billion. With advancements in biomanufacturing and agribiotech, India is poised to become a global bio-industrial leader. A call for increased private-sector investment in the bioeconomy aims to further bolster this growth.

UP will generate 20,000 MW of renewable energy by 2027: CM Adityanath

Economic Times

Economic Times · 7d ago

UP will generate 20,000 MW of renewable energy by 2027: CM Adityanath

Uttar Pradesh, led by Chief Minister Yogi Adityanath, plans to generate 20,000 megawatts of renewable energy by 2027. This initiative supports Prime Minister Narendra Modi's net-zero emissions target by 2070. Adityanath underscored the role of Central Electronics Limited (CEL) in this energy transition. CEL is developing a greenfield data centre and has signed a MoU for 200 megawatts of solar modules, showcasing its growth and contribution to India's industrial resurgence.

Karnataka govt clears Wistron smartphone project, 13 other investments

Economic Times

Economic Times · 1y ago

Karnataka govt clears Wistron smartphone project, 13 other investments

The Karnataka High-Level Clearance Committee, chaired by Chief Minister Siddaramaiah, has approved an investment of Rs 2,095 crore from Wistron Infocomm for the assembly of smartphones, IoT products, and biotech devices. Additionally, the committee has cleared several other investment proposals, including STT Global Data Centers, Air India, ICT Service Management Solution, Ultratech Cement, and RBSSN Ferrous. In total, the projects are expected to bring in a combined investment of Rs 17,835 crore and create around 27,067 jobs. The investments will primarily benefit districts in North Karnataka, such as Vijayapura, Kalaburagi, Ballary, and Belgaum.

Bengaluru likely to end bike taxi

Inc42 · 1y ago

Bengaluru likely to end bike taxi

The Karnataka government is considering ending bike taxi services in Bengaluru due to a lack of response from ride-hailing aggregators. Chief Minister Siddaramaiah has reportedly agreed to withdraw the Karnataka Electric Bike Taxi Scheme following poor participation by companies offering two-wheeler services. The scheme was designed to address urban mobility issues, including first and last-mile connectivity. Currently, only one company, Wicked Ride (parent company of Bounce), has applied for a license under the scheme. Other states like Andhra Pradesh, Bihar, and Goa, have allowed bike taxis.

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