Karnataka can offer more than IT, says CM Basavaraj Bommai at Davos

It's day two at the World Economic Forum in Davos and six Indian states have been chosen to represent India at the World Economic Forum with each having a separate pavilion. This includes Maharashtra, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka and Tamil Nadu.

CNBC-TV18’s Shereen Bhan spoke to Karnataka Chief Minister Basavaraj Bommai along with Murugesh Nirani, Minister for Large and Medium Industries, and C Ashwathnarayan, Minister for IT & Bio-Technology.

Talking about Karnataka’s role Bommai said, "Global emerging situation where Indian role has become much more important than ever before in economic growth. The second is the emerging situation within India, where states have been aggressively proposing themselves in a way that all the investments should come to them. It is a good healthy competition, it is a most welcome competition.”

He added, “Karnataka has got much more than IT. IT has caught the world imagination because of its performance over the last two decades. Along with IT, bio-technology has grown immensely in Karnataka, especially the R&D in bio-technology where world renowned companies are already working in Bangalore.”

Bommai said Karnataka is strong in manufacturing which is its traditional strength right from 40s and 50s. The next one is aerospace, an area which you cannot think of without Karnataka and Bangalore. Also the defence sector - DRDO which is in a very big way and every year the investment is going exponentially.

On FDI, Nirani said, “We have announced good policy also, new industrial policy, which is nowhere in the other state. Even our FDI in the last year, in all four quarters the state was number 1 in the country. Almost 40 to 42 percent investment is coming to Karnataka."