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Govt to Extend Easy Visa Rules to All PLI Sector Companies: DPIIT Secretary

Govt to Extend Easy Visa Rules to All PLI Sector Companies: DPIIT Secretary

The Production-Linked Incentive (PLI) scheme covers 14 sectors, including mobile phones, drones, white goods, telecommunications, textiles, automobiles, specialty steel, and pharmaceutical drugs. The government is working towards streamlining the application process for Indian business visas for companies that have set up manufacturing units in these sectors but are not direct beneficiaries of the PLI scheme.
“We have already streamlined the process for PLI beneficiaries. We’re now trying to extend this streamlined process to non-PLI beneficiaries operating in those same strategic sectors. We are currently drawing up a similar streamlined process for these non-PLI beneficiaries,” said Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), which operates under the Ministry of Commerce and Industry, on Thursday.
While a final decision has yet to be made, the government is moving in this direction. “Visa-related matters fall under the purview of the Ministry of External Affairs and the Ministry of Home Affairs,” Singh added.
Earlier this week, Commerce and Industry Minister Piyush Goyal told Business Standard that the government is expediting visa-related issues to bring technicians to India from China and other countries as needed to ensure the smooth implementation of the PLI scheme.
The industry has sought government intervention to resolve visa-processing delays affecting Chinese vendors involved in manufacturing projects. Companies have faced productivity issues due to visa hurdles in areas ranging from component manufacturing to the installation or repair of machinery, especially under the PLI scheme.
Several ministries and government departments have been addressing outstanding visa-related issues for experts and technicians from China with the Ministry of External Affairs. DPIIT has also been coordinating these matters with the external affairs ministry.

July 5, 2024
MSME Day 2024: Significance, History, and Its Difference from Small Industry Day

MSME Day 2024: Significance, History, and Its Difference from Small Industry Day

Overview
MSME Day, observed annually on June 27, is designated by the United Nations General Assembly to recognize the vital role that Micro, Small, and Medium Enterprises (MSMEs) play in fostering inclusive and sustainable economic development globally. This day celebrates the immense contributions of MSMEs to economic growth, employment generation, and poverty reduction.
Importance of MSMEs
MSMEs form the backbone of many economies, especially in developing countries. They operate across various sectors, including manufacturing, services, agriculture, and trade, driving innovation, entrepreneurship, and local development. According to the United Nations Conference on Trade and Development, MSMEs, both formal and informal, constitute over 90% of all companies worldwide, employ an average of 70% of the total workforce, and contribute 50% to global GDP.
Challenges Faced by MSMEs
Despite their significance, MSMEs face numerous challenges, particularly in accessing finance. The International Finance Corporation (IFC) reports that around 65 million firms, or 40% of formal MSMEs in developing countries, have an unmet financing need of $5.2 trillion annually. This gap is equivalent to 1.4 times the current level of global MSME lending. Regional disparities also exist, with East Asia and the Pacific accounting for the largest share of the finance gap, followed by Latin America and the Caribbean, and Europe and Central Asia.
MSMEs in India
India is home to approximately 63 million MSMEs, second only to China’s roughly 140 million micro and small enterprises. Indian MSMEs contribute about 30% to the GDP, over 40% to exports, and have created 110 million jobs. According to the government Udyam registration portal, 46 million MSMEs are registered, reporting 200 million jobs.
World MSME Day vs. National Small Industry Day
In addition to World MSME Day, India observes National Small Industry Day annually on August 30. This day celebrates the contributions of small-scale industries to the country’s growth. The Indian government launched an extensive policy package for small industry on August 30, 2000, and since then, National Small Industry Day has been observed to recognize the efforts and achievements of small industries in India.
Conclusion
MSME Day serves as a platform to highlight the significant contributions of MSMEs to the global economy and raise awareness about the challenges they face. With continued support and initiatives, MSMEs can further drive economic growth and prosperity, both in India and worldwide.

June 27, 2024
How MSMEs Can Boost India’s Real Estate Market

How MSMEs Can Boost India’s Real Estate Market

With streamlined regulations and increased credit access, MSMEs have the potential to significantly enhance India’s real estate sector. MSMEs play a pivotal role in innovation, employment, and economic growth, contributing over 30% to India’s GDP. This sector is poised to transform India’s economic landscape further.
A report indicates that over 140 million people are currently employed in the MSME sector. Experts predict that the sector’s worth will reach one trillion dollars by 2028, representing a vast market with numerous possibilities. Given these positive statistics, attention is now focused on how MSMEs will reshape the real estate market and their substantial potential.
Role of MSMEs in the Real Estate Sector
Construction firms, contractors, consultants, and suppliers are integral parts of MSMEs. The construction sector contributes about 8% of India’s GDP and is projected to become the third-largest in the coming years. Many firms in this sector are unorganized, presenting an opportunity for official MSME registration. Despite global economic challenges and inflation, the real estate sector has shown resilience, and MSMEs have played a significant role in this growth.
Trends in the MSME Sector in India
Real estate MSMEs benefit from low-interest rates, exemptions on electricity consumption, and zero-collateral loans. Maintaining a track record of timely project execution, effective cash flow management, and formal documentation is crucial for these firms. While established developers secure finances from commercial banks and private equity, small developers often face challenges in obtaining project funding. Upgrading MSME infrastructure and digitalizing operations will be critical for the sector’s development.
The construction sector can also benefit from MSME registration, allowing firms to supply goods and services to large-scale companies involved in construction. The 2023-2024 Union Budget increased the infrastructure budget by 33%, recognizing infrastructure as a key factor for sustainable growth. MSMEs can support large construction firms and access suppliers of essential building materials.
Registering as MSMEs: For Real Estate
MSME registration allows developers to access credit from financial institutions and banks without pledging assets as security. Registered developers can benefit from reduced interest rates and free ISO certification, providing financial aid for obtaining certification. Registered MSMEs can also protect their innovations with a 50% subsidy on registration costs.
Significance of MSMEs
MSMEs are agile and cater to the needs of India’s middle class. Their flexibility and adaptability are commendable, as they often work based on client preferences, fostering personal connections. MSMEs are one of the largest employers outside the rural domain, employing over 40% of workers with low technology and capital requirements. They support capacity building and resource mobilization, allowing small business owners to develop innovative products. Multinational companies depend on these firms for auxiliary and semi-finished products, making MSMEs crucial to creating a suitable and inclusive society.
Future Outlook: MSMEs and Real Estate
Lending to MSMEs in real estate is expected to increase, with more private firms expanding their exposure to this sector. Financial companies using AI-powered credit scoring and predictive analysis will modernize the lending landscape, benefiting construction companies by scaling up their projects. Upgrading MSME infrastructure, including project-specific incentives like power consumption rebates and land cost discounts, will provide strong incentives for developers.
The proposal for a 75,000 crore investment in transport infrastructure projects in India will benefit MSMEs in the manufacturing space. Incentives for setting up skill development centers and business mentoring services for compliance with RERA in the real estate sector will promote professionalism among small developers. Real estate MSMEs will also benefit from various policy incentives announced by the State and Central Governments of India.
With streamlined regulations and increased credit access, MSMEs can drive economic growth and prosperity in India. Government support for MSMEs and focused initiatives will be crucial in realizing these outcomes. The real estate sector is set for a revolution powered by MSMEs.

June 26, 2024
FM Urged to Support MSME Workforce Up-Skilling and Introduce Employment-Linked Incentives

FM Urged to Support MSME Workforce Up-Skilling and Introduce Employment-Linked Incentives

The interim Budget for FY25 has allocated Rs 22,138 crore to the MSME sector, maintaining the same level as the previous financial year.
During a pre-budget meeting on Tuesday, industry executives urged Finance Minister Nirmala Sitharaman to increase funding in the Union Budget to “facilitate skilling and upskilling” for the MSME workforce. They also called for the introduction of an employment-linked incentive scheme for labor-intensive sectors to boost job creation.
The Confederation of Indian Industry (CII) recommended that the finance ministry allocate funds to establish Hi-Tech training labs in micro, small, and medium enterprise (MSME) clusters under a public-private partnership model. Additionally, they proposed providing “skill vouchers” for re-skilling and up-skilling employees of MSMEs in new and emerging technologies.
A significant portion of the Rs 22,138 crore allocation for FY25 will be dedicated to creating more clusters and new technology centers.
In her Budget speech, Sitharaman emphasized, “It is an important policy priority for our Government to ensure timely and adequate finances, relevant technologies, and appropriate training for the MSMEs to grow and also compete globally.”
Industry leaders also urged the government to launch an employment-linked incentive scheme for “labor-intensive and high-growth potential” sectors—such as toys, textiles, furniture, and tourism—to generate jobs. They suggested offering higher incentives for the incremental hiring of women.
For instance, Wipro reported a sharp decline in its female workforce, decreasing to 68,231 employees in FY2024 from 90,721 the previous year—a drop of 22,490 employees, according to the company’s annual report.
Flexi staffing companies requested the FM to reduce the GST rate on employment services from 18% to 5%.
Flexi employees are hired for specific periods and receive benefits such as social security, standard wages, legal compliances, and registration under the EPFO. They differ from gig workers, who may not receive such benefits. Flexi employees are considered formal contractual employees under a legally bound tripartite agreement between the principal employer, the staffing company, and the worker. The principal employer contracts with a staffing company to hire flexi workers suitable for particular roles as required.
The Indian Staffing Federation (ISF), representing the staffing industry, accounts for about 30-35% of the total flexi workforce in India, estimated to be around 1.6 million.
A reduced GST rate would allow principal employers to redirect the additional cash flow towards reimbursing salaries and paying statutory contributions to employees, according to the ISF.

June 26, 2024
India Inc. Bets Big on AI to Transform its Manufacturing Sector

India Inc. Bets Big on AI to Transform its Manufacturing Sector

Artificial Intelligence is revolutionizing operational landscapes through automation, enhancing efficiency in smart factories and customer solutions. India stands on the brink of its second major business transformation in three decades, poised to become a hub for AI-powered manufacturing, similar to its dominance in the IT services boom of the 1990s.
A Strong Foundation for AI
India already possesses many prerequisites necessary to become an AI powerhouse. With extensive computing and analytical infrastructure, India is well-equipped for a seamless transition from big data analytics to machine learning and AI systems. The country also has a unique opportunity to leverage its IT talent, cost advantages, and growing manufacturing base to become a global leader in AI-powered manufacturing. By addressing key challenges and implementing strategic initiatives, India can attract investments, foster innovation, and unlock immense economic potential.
Economic Impact and Growth Projections
AI is expected to contribute up to $500 billion to India’s GDP by 2025 and $967 billion by 2035. In the manufacturing sector, market studies indicate that the market size of manufacturing AI in India is projected to exceed INR 12.5 billion by 2028, with a remarkable CAGR of 58.96% from 2023 onwards. The Global AI Index ranks India fifth among 62 countries, highlighting its transformative potential in AI. Despite challenges, India’s young and talented workforce, with half of its population under 30, provides a solid foundation, particularly with an abundance of high-quality AI-trained engineers.
Adoption and Investment
According to the Generative AI Radar 2024 report by Infosys, India, like many of its Asia-Pacific neighbors, is leading in AI adoption and development. India is set for a significant increase in AI investments, with a forecasted 165% jump in spending on general AI by Indian companies, reaching USD 386 billion. The NASSCOM AI Adoption Index positions India as an “Enthusiast” with an AI maturity index of 2.45 out of 4. NASSCOM’s report highlights that 78% of India’s manufacturing companies have a well-defined AI strategy, and 67% are already testing AI POCs or limited use cases.
Opportunities and Benefits
AI is increasingly used across various industries in India, from banking and healthcare to farming and manufacturing, to improve efficiency. In the manufacturing sector, AI drives automation and predictive maintenance, with smart factories employing AI-enabled robots and sensors to optimize production processes, reduce downtime, and enhance product quality. AI also plays a crucial role in customer service with automated conversational AI voice bots, supply chain management, and operational efficiency. Customer segmentation benefits from AI as well, allowing companies to understand and target the right audience effectively.
Key Enablers and Challenges
While the potential benefits of AI in India are immense, challenges accompany its widespread adoption. Ethical and societal impacts of AI technologies, such as data privacy concerns, necessitate responsible AI development and deployment. The rapid pace of technological advancement raises questions about regulatory frameworks and workforce readiness. Policymakers are collaborating with industry stakeholders across India to establish robust governance mechanisms that balance innovation with ethical considerations. Additionally, India is investing in education and upskilling initiatives to prepare its workforce for AI jobs.
The Road Ahead
Technology has always been a catalyst for positive change. In India, AI is driving economic prosperity, social well-being, and sustainable development in the manufacturing sector with far-reaching effects. For a country that has already experienced a technology boom in recent decades, it is crucial to harness the power of AI responsibly and ethically. A favorable geopolitical climate is encouraging global manufacturers to set up operations in India. Embracing AI can be a game-changer, propelling India’s manufacturing sector to global leadership.

June 26, 2024
GST Relief: Exemptions for Hostel Rents and Railway Services

GST Relief: Exemptions for Hostel Rents and Railway Services

The GST Council, in its 53rd meeting, announced several relief measures aimed at benefiting the middle class. Among these is an exemption from GST for rents up to ₹20,000 per month for accommodations outside college campuses. This applies to students and working professionals for stays up to 90 days, a reduction from the previous 12% GST rate on such accommodations.
Key Exemptions and Reductions
Union Finance Minister Nirmala Sitharaman highlighted that the council also exempted services like platform tickets, waiting room access, and cloakroom facilities at railway stations from GST. Furthermore, the council reduced GST on cartons to support apple farmers in Himachal Pradesh and Jammu and Kashmir, and set a 12% GST rate for all milk cans and solar cookers.
Addressing MSME and Industry Needs
The council recommended waiving interest and penalties for demand notices issued under Section 73 of the GST Act for cases not involving fraud, suppression, or misstatements. This waiver applies to notices from fiscal years 2017-18, 2018-19, and 2019-20.
Pending Issues and Future Considerations
Contentious issues like GST on fuel products, online gaming, and insurance premium rate rationalization were not discussed in this meeting. Finance Minister Sitharaman mentioned that the inclusion of petrol and diesel under GST depends on state decisions, despite the central government’s intention to include them.
Regarding the demand for GST exemption on fertilizers, Revenue Secretary Sanjay Malhotra stated that this issue has been referred to the Group of Ministers (GoM) due to its significance. Additionally, the council deferred the discussion on co-insurance premiums to the next meeting.
Industry Response and Additional Measures
Saurabh Agarwal, Tax Partner at EY India, commended the government’s measures, such as waiving interest and penalties for disputes up to FY 2019-20, extending ITC claim timelines for FY 2020-21, and reducing pre-deposit requirements for appeals. He suggested that streamlining the GST rate structure and exploring an ‘invoice locking’ facility within the GSTN system would further reduce litigation.
Support for Railways and Appeal Process
The council recommended exempting various services provided by Indian Railways to the public, such as platform tickets and waiting room facilities. This exemption will be regularized from October 20, 2023, to the date of the exemption notification.
To ease cash flow and working capital constraints for taxpayers, the council also proposed reducing pre-deposit amounts for filing appeals. The maximum pre-deposit for appeals with the appellate authority has been reduced to ₹20 crores for both CGST and SGST, down from ₹25 crores. For appeals with the Appellate Tribunal, the pre-deposit has been reduced to 10% with a maximum of ₹20 crores for both CGST and SGST, down from 20% with a maximum of ₹50 crores.

June 24, 2024
Government Considering New Bank to Bridge Credit Gap for MSMEs

Government Considering New Bank to Bridge Credit Gap for MSMEs

The government is contemplating the establishment of a dedicated bank to provide direct lending to micro, small, and medium enterprises (MSMEs). This initiative aims to enhance credit flow to the under-served sector, thereby boosting economic activity and job creation.
Current Scenario and Challenges
Presently, the Small Industries Development Bank of India (SIDBI) primarily provides refinancing to banks that lend to MSMEs, which helps reduce financing costs for these units. Additionally, state financial corporations and state industrial development corporations lend directly to MSMEs.
Despite these efforts, MSME credit penetration in India remains at 14%, significantly lower than 50% in the US and 37% in China, according to an EY report. The Indian MSME sector faces a credit gap of Rs 25 trillion, indicating a vast untapped market.
Proposal Details
“There is a need to set up a separate bank for the MSME sector to address direct credit shortages,” an official said, noting that the proposal is under consideration. The government is expected to decide on this proposal at an appropriate time. The bank’s ownership structure might include a hybrid public-private partnership model.
Financial Context
Adequate, timely, and low-cost finance is crucial for MSMEs’ growth into larger enterprises. As of December 2023, outstanding credit to MSMEs by scheduled commercial banks had grown by 20.9% annually, reaching Rs 26 trillion.
Significance of MSMEs
MSMEs, numbering 64 million, are vital to the Indian economy. They provide over 110 million jobs, accounting for 23% of the labor force, making them the second-largest employer after agriculture. MSMEs contribute 27% to India’s GDP, 38.4% to the total manufacturing output, and 45% to the country’s total exports.
Industry Insights
“A separate bank that understands the needs and workings of MSMEs is required,” said Sandip Kishore Jain, President of the Federation of Indian Micro and Small & Medium Enterprises. He emphasized that large banks often do not grasp the unique requirements of MSMEs. In some European countries, MSMEs are grouped with home loan customers due to their small borrower status.
Vijay G Kalantri, President of the All India Association of Industries, suggested converting SIDBI into a full-fledged bank for direct MSME lending if establishing a new bank is not feasible. He also advocated for MSMEs to receive loans at housing interest rates, i.e., 6% for exports and 8% for domestic production, compared to the current rates of 11-13% for MSMEs and 8-9% for exports.
SIDBI Overview
Established under an Act of Parliament in 1990, SIDBI’s majority shareholders include the Government of India (20.85%), State Bank of India (15.65%), Life Insurance Corporation of India (13.33%), and the National Bank for Agriculture and Rural Development (9.36%).
SIDBI benefits from low-cost funds available from banks against their shortfalls in meeting priority sector lending (PSL) targets. For FY24, the MSE Refinance allocation was Rs 84,000 crore. However, SIDBI’s growth prospects are tied to the PSL target coverage achieved by scheduled commercial banks. As these banks progressively meet higher PSL targets, the overall allocation under MSE funds could decrease, affecting SIDBI’s long-term growth prospects, according to an ICRA report.

June 24, 2024
India’s Electronic Manufacturing May Reach USD 500 Billion by 2030: CII Report

India’s Electronic Manufacturing May Reach USD 500 Billion by 2030: CII Report

A report by the Confederation of Indian Industry (CII) emphasizes the need for critical actions to transform India’s electronic sector ecosystem from “import-dependent assembly-led manufacturing” to “component-level value-added manufacturing.”
Key Findings
According to the report, in 2023, the demand for components and sub-assemblies reached USD 45.5 billion, supporting USD 102 billion worth of electronics production. This demand is projected to surge to USD 240 billion, supporting USD 500 billion worth of electronics production by 2030.
Growth Projections
Priority components and sub-assemblies, including Printed Circuit Board Assemblies (PCBAs), are expected to grow at a robust Compounded Annual Growth Rate (CAGR) of 30%, reaching USD 139 billion by 2030.
Recommendations for Government Action
The report recommends several key actions for the government, including:
– Introducing a fiscal support scheme, SPECS 2.0 (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors).
– Rationalizing import tariffs on components like camera modules.
– Signing Free Trade Agreements (FTAs) with European and African countries.
Priority Components
The report identifies five priority components and sub-assemblies as high priority for India: lithium-ion batteries, camera modules, mechanicals, displays, and PCBs. These components accounted for 43% of the components demand in 2022 and are expected to grow to USD 51.6 billion by 2030.
Current Challenges
These components are either minimally produced in India or are heavily import-dependent. Sustaining this trend of importing priority components is not viable. The PCBA segment, which relies heavily on imports, is expected to grow by 30%, creating a demand of around USD 87.46 billion by 2030.
However, India faces several challenges, including:
– Manufacturing cost disadvantages compared to economies like China, Vietnam, and Mexico (10-20%).
– Lack of large domestic manufacturing corporations.
– Absence of a domestic design ecosystem for Indian companies.
– Insufficient raw materials ecosystem.
Economic Benefits
The report suggests that policy support will yield various economic benefits, such as:
– Job creation for approximately 280,000 people by 2026.
– Increase in domestic value addition from current levels.
– Reduction in import dependency.
– Increase in GDP.
These measures will help firmly position India as a global hub for electronics manufacturing by 2030.

June 24, 2024
India-EU Trade Council Hosts EV Battery Recycling Startup Event

India-EU Trade Council Hosts EV Battery Recycling Startup Event

The India-European Union Trade and Technology Council (TTC) Working Group 2 organized a startup matchmaking event on June 20, 2024, featuring twelve high-impact solution providers in EV Battery Recycling Technologies. This event offered startups and SMEs an exclusive platform to pitch their innovative technologies, spanning the entire battery recycling value chain, from collection to valuable mineral extraction.
Participating Startups
The event featured twelve startups selected through a rigorous process based on scientific merit, market readiness, and cooperation prospects. The selected Indian startups included Lohum, LW3 Pvt Ltd., BatX Energies, Evergreen Lithium Recycling Pvt Ltd., Metastable Materials Pvt Ltd., and CENALL Waste Management LLP. The EU startups were Alterity, Ecomet Refining, Eneris, Primobius, RockTech, and Tozero.
Opening Remarks and Key Interventions
The matchmaking event began with opening remarks from H.E. Mr. Saurabh Kumar, Ambassador of India to Belgium, Luxembourg, and the EU, and H.E. Mr. Herve Delphin, Ambassador, Delegation of the European Union to India. They emphasized the importance of fostering innovation and cooperation in green technologies, particularly in the rapidly growing EV sector.
Key interventions were provided by Professor Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and Mr. Marc Lemaitre, Director-General for Research and Innovation at the European Commission.
Professor Ajay Kumar Sood highlighted the benefits of the exchange trip for selected startups, stating, “This matchmaking event today brings together the best talents and technologies in the battery recycling space on both sides, giving them an exclusive platform for exchange, networking, and prospective investments.”
Mr. Marc Lemaitre emphasized the significance of innovation in the EU-India partnership, noting, “Every step towards advanced battery recycling is a significant carbon win for our environment. This matchmaking event is such a step by bringing together innovative startups from both regions that want to scale up green solutions under the umbrella of the EU-India Trade and Technology Council.”
Additional Attendees
The event was also attended by Dr. Parvinder Maini, Scientific Secretary, Office of PSA, Mr. Sukumar Mishra, Director, IIT (ISM) Dhanbad, and Mr. Karthick Athmanathan, Honorary PSA Fellow.
Next Steps
As a follow-up, three startups from India and three from the EU will be awarded a week-long market immersion experience in the respective regions. During this visit, the selected companies will engage with interested stakeholders, explore potential collaborations, and gain insights into the local market landscape. This initiative presents opportunities for establishing pilot projects, commercial ventures, and co-development initiatives, fostering a robust innovation ecosystem in EV battery recycling.

June 21, 2024
Karnataka Aiming for 15-16% Industrial Growth: Chief Minister Siddaramaiah

Karnataka Aiming for 15-16% Industrial Growth: Chief Minister Siddaramaiah

BENGALURU: Chief Minister Siddaramaiah announced on Wednesday that Karnataka is targeting an industrial growth rate of 15-16% annually. He highlighted the state’s proactive approach to policymaking and its industrial policy, which offers best-in-class incentives to attract global investors.
Key Points from the Global Investors Meet 2025 Curtain Raiser
– Global Investment Destination: Karnataka has positioned itself as a premier destination for global investments, being the second-highest recipient of FDI inflows in India, with 22% of the nation’s total FDI over the last five years.
– Growth Targets: The CM stated that the state has experienced a 9.3% growth rate in industries over the past decade and aims to achieve a $1-trillion GDP by 2032.
– Global Investors Meet 2025: Scheduled for February 12-14 at Bangalore Palace, this event will see over 5,000 senior delegates and 100+ speakers. The theme, ‘Reimagining Growth,’ will include 30+ technical and cultural sessions on topics such as AI, Industry 5.0, Web 3.0 & Blockchain, Smart Computing, and Cybersecurity.
Initiatives and Highlights
– SME Connect ’25: Launched by Large and Medium Industries Minister MB Patil, this platform aims to expand business opportunities for SMEs. Gunjan Krishna, Commissioner for Industrial Development, emphasized the importance of SMEs, which provide 41% of employment.
– VentuRISE – Global Startup Challenge: This second edition aims to recognize and support startups in sectors like Electronic System Design and Manufacturing (ESDM), Clean Mobility, and Aerospace & Defence.
R&D and Innovation Leadership
– Global R&D Contribution: IT-BT Minister Priyank Kharge noted that Karnataka contributes 22% to global R&D and leads in exports, FDI, and technology services.
– Educational and Innovation Hub: With over 250 colleges, 44 universities, and 25,000 startups, Karnataka is a capital of R&D and innovation. The state’s commitment to industry-friendly policies and continuous investment in science, technology, and education drives sustainable growth and better standards of living.
Industry Insights
– Collaboration and Innovation: Ramesh Ramadurai, Past Chairman of CII Karnataka & MD of 3M India, emphasized the importance of augmenting resources, understanding customer needs, and developing valuable solutions. Building infrastructure and fostering partnerships are key to transitioning to groundbreaking new products.
Chief Minister Siddaramaiah’s announcements and the initiatives discussed at the Global Investors Meet 2025 highlight Karnataka’s ambitious plans for significant industrial growth and its strategy to attract global investments and foster innovation.

June 20, 2024