Karnataka Chief Minister Siddaramaiah today said the state needs to move forward with greater determination in industrial development without resting on the success of the past.
"The state was an epicentre for broad-based industrial development in the country with many notable heavy manufacturing industry companies being set up here. This initial development created an infrastructure allowing supply chains to grow allowing the State to be a hub for industrial activity," Siddaramaiah said.
Speaking after inaugurating 11th India Innovation Summit 2015 organised by Confederation of Indian Industry (CII) here, he said initial investment proved to be highly fruitful and has allowed Karnataka to retain its competitive edge in today's global economy.
"We have built on the platform and have provided the State with a conducive environment for robust industrial growth. But, we cannot rest on the success of the past, must move forward with even greater determination," he said.
The India Innovation Summit is an annual flagship event organised by CII in Bengaluru. Since its inception in 2005 the summit has brought together over 5000 experts in Innovation from diverse background including major R&D Companies, Government, Academia and Start-ups to discuss and deliberate on 'Innovation'.
Stating that Karnataka has been in the forefront of industrial development and catalysing innovation in the country's growth story, the chief Minister also said its efforts to promote innovation has helped in the establishment of a number of start-ups in the State. "Today, Karnataka is in the fore-front of attracting start-ups," he added.
Pointing that the new industrial policy for 2014-19 envisions to build a prosperous Karnataka through inclusive, sustainable and balanced industrial development thereby creating large employment opportunities, Siddaramaiah said, "It aims to attract investment in excess of Rs 5 lakh crore while providing employment to more than 15 lakh persons primarily in the manufacturing sector."
Sustainable development is integral to the spirit of this policy and special focus is on manufacturing sector, creation of employment opportunities and promotion of Micro, Small and Medium Entrepreneurs which have a strong base in Karnataka, he added.