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Karnataka Investors Summit Nation
only through bold reforms, better infrastructure, youth. The youth of India have made more than
and best talent. Today reforms are being done 100 unicorns over the years. More than 80
in every sector of the government. Reforms thousand startups have been formed in India
like GST and Insolvency Bankruptcy Code were in 8 years. Referring to Karnataka's significant
carried out. contribution to the journey of New India, Prime
Through various reforms including reforms Minister Modi said, "Karnataka continues to
in the banking sector, the economy was maintain its position in the top rankings in the
strengthened. Similarly, preparations were made Ease of Doing Business. This is the reason why
to bring the digital revolution to the country Karnataka's name is included in the list of top
through steps like UPI. We have abolished more states in terms of FDI. More than 40 of India's
than 1500 obsolete laws and canceled about 100-plus unicorns are in Karnataka. Karnataka
40,000 unnecessary compliances. is counted as the largest technology cluster in
We also reformed many provisions. We have the world today. From industry to information
taken steps like reducing corporate tax rates, technology, from fintech to biotech, from
as well as increased transparency through startups to sustainable energy, a new growth
reforms like faceless assessment. New sectors story is being scripted here in Karnataka.
have been opened for FDI in India. There is an Some development figures are such that
unprecedented boost to investments in India in Karnataka is challenging not only other states
the sectors such as drones, geospatial sector, of India but also some countries. Today India
space sector, and even the defense.” has entered a new phase of manufacturing
Prime Minister Modi said, “Today when the with the National Semi-Conductor Mission. The
world is moving towards Industry 4.0, the world role of Karnataka in this is very important. The
is surprised to see the role of Indian youth in tech eco-system here will take chip design and
this industrial revolution and the talent of Indian manufacturing to new heights.”
New India Samachar December 1-15, 2022 33
