Global Investors Meet: Karnataka's growth powered by ‘double engine’ at Centre and state, say PM Modi

One of the reasons for the growth of India's technological hub Karnataka is that it has the 'double-engine power' of having the same party in power in the state as in the Centre, Prime Minister Narendra Modi said in his speech at the state's Global Investors Meet on November 2.

With the Bhartiya Janta Party (BJP) which is in power in the Centre also being the ruling party in Karnataka, the state is developing at a fast pace in a number of spheres, Modi said in a virtual address.

"This is why Karnataka is consistently one of the top rankers in ease of doing business and is one of the top states attracting Foreign Direct Investment (FDI). 400 of the Fortune 500 companies are in Karnataka. Of the over 100 unicorns in India, over 40 are in Karnataka," he said.

A new story of development is being written in Karnataka starting from industry to IT, fintech to biotech, startups to sustainable energy, Modi added.

"Some of the growth numbers of Karnataka are such that the state gives competition to not just other Indian states but also other countries," he said.

Speaking earlier at the event, Karnataka's Chief Minister Basavaraj Bommai had said that the state has attracted the largest share of FDI in the past year.

"Over the last 4-5 quarters, Karnataka has attracted 38% of the country's total FDI," Bommai had said.

PM Modi also stressed on the growth of the startup sector over the past year saying that India's youth have created over 100 unicorns and 80,000 startups have mushroomed over the past eight years.

"When it comes to talent and tech, the name that first comes to mind is 'brand Bengaluru', not just in India but it has been established in the world," Modi said.

With a record $84 billion worth of FDI in India last year, and interest seen in further investments in Karnataka, employment opportunities for the youth of the country will grow further, in his view.

The PM also touched upon the state of the economy amidst fears of a looming recession and rising inflation in India. He said that the government is constantly working towards strengthening the Indian economy and that the economy's fundamentals are strong.

At the three-day Global Investors Meet, Karnataka is expecting Rs 5 lakh crore in investments, resulting in the creation of five lakh jobs in the state.

This edition of the investors’ meet had earlier initiated a Global Startup Challenge – VentuRISE, which invited growth-staged startups working in manufacturing and sustainability sectors from across the world to participate and present their ventures. The VentuRISE had received over 1,200 applications.