‘Karnataka aims to become USD 1 trillion economy by 2025’

Bengaluru: Karnataka Chief Minister announced a lofty target of making Karnataka a ‘trillion dollar economy’ by 2025 and contributing to India’s dream of becoming a $5 trillion economy.

The state government aims to contribute USD 1 trillion to India’s dream of becoming a $5 trillion economy, Chief Minister Basavaraj Bommai said on Wednesday.

He was speaking after releasing a report titled “Karnataka: A $1 Trillion GDP Vision” authored by Mohandas Pai and Nisha Holla based on the Karnataka Economic Survey 2021-22 of the Planning, Program Monitoring and Statistics Department.

Bommai said that a group comprising the government and industry representatives will be formed for suggesting a roadmap for realizing this goal.

The group will prepare, monitor, and evaluate an action plan with the goal of achieving a USD 1 trillion economy by 2025. The progress of this action plan could be monitored under the chairmanship of an additional chief secretary of the finance department, he said.

An action plan will be ready by December 2022 to facilitate the result-oriented budget. “We will work to align the state’s economic goals with the target of $5 trillion economy in India,” he added.

The expansion of Mangaluru Port has great potential for rapid economic growth. A coastal corridor could be developed to boost exports, Bommai opined.