Bangalore, Aug 8 (IANS): Karnataka would soon unveil a new industrial and infrastructural policy with a robust framework to enable existing industries expand and new industries invest in the state, Chief Minister Siddaramaiah said Friday.
"The new industrial policy for the next five years (2014-19) is aimed at taking the state's economy to the next level of growth and the new infrastructure policy will provide amenities to attract fresh investments in the state," Siddaramaiah told India Inc at a business summit here.
Addressing the 10th 'India Innovation Summit 2014', organised by the Confederation of Indian Industry (CII), the chief minister said the state government was committed to further develop the information technology (IT) sector with its 4i policy comprising IT, IT-enabled services, innovation and incentives to ensure that the state and Bangalore become the most preferred destination for global investments.
"The 4i policy will also develop the electronic system design and manufacturing (ESDM), animation and graphics industry," said Siddaramiah.
Terming the summit's theme - "Innovation for inclusive growth" as apt and timely, the chief minister said the CII had played a vital role in inclusive growth and economic development of the state.
"CII's policy recommendations have been pro-active in promoting inclusive growth and bridging disparities in the state. As a partner in the state's socio-economic growth, the industry body has enabled the government to create a sustainable infrastructure and an eco-system in the state," he recalled.
Highlighting the role of innovation in the state's growth story, Siddaramaiah said as the country's IT capital, Bangalore has become an attractive investment destination for global companies, including 300 Fortune 500 firms to set up their operations here, thanks to the wealth of talent pool, an ideal ecosystem and pro-active policies of successive governments.
"It is not enough to be an ideal investment destination. To be ahead of the growth curve, we are taking specific policies and initiatives to ensure Bangalore and state become the country's innovation capital and a nerve centre of start-ups," he asserted.
Noting that Bangalore was also emerging as a preferred investment destination for aerospace, the chief minister said the state government was in the process of implementing the recommendations of a joint task force set up with CII to create an ecosystem for the development of the aerospace industry in the state.
"Industries for which innovation is at the heart of their growth agenda will find in Karnataka a pro-active environment in terms of industrial development, infrastructure facilities and quality power supply to invest in the state," Siddaramaiah added.