The Karnataka government has launched its Industrial Policy 2024-29, setting ambitious targets for employment, manufacturing growth, and sustainability by aiming to generate 20 lakh jobs by 2029, the policy seeks to accelerate manufacturing sector growth to 12% annually, attracting an investment of ₹7.5 lakh crore. It also focuses on sustainable industrial practices, positioning Karnataka as a leader in green manufacturing, while promoting sunrise sectors like electronics, aerospace, and future mobility.
Additionally, it prioritizes balanced regional development by encouraging industries in underdeveloped areas and offers 10% additional incentives to companies that co-locate their R&D or Global Capability Centers (GCCs) with manufacturing units.
Meanwhile, Tata Advanced Systems Limited (TASL) is expanding its aerospace and defense operations, establishing a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facility to support the Indian Air Force’s Lockheed Martin C-130J fleet. This initiative strengthens India’s self-reliance in defense while integrating the state deeper into the global aerospace supply chain.
Top Memorandums of Understanding (MoUs) signed at the event reflect a strong investor interest across sectors, with deals ranging from ₹8,000 crore to ₹56,000 crore. Honda has committed ₹600 crore for electric vehicle manufacturing, Hitachi Energy is investing ₹1,000 crore, while Bosch is setting up manufacturing and R&D operations with an investment of ₹450 crore. Similarly, ESR Advisers plans to develop industrial parks and data centers with an investment of ₹2,500 crore.
“Karnataka continues to be a magnet for global investors, driven by its strong infrastructure, skilled workforce, and industry-friendly policies,” said Chief Minister Siddaramaiah.
The state’s proactive approach, along with its investor-friendly ecosystem and streamlined approval processes, is expected to further accelerate industrial expansion and technological improvement.
The Government of Karnataka also unveiled the Single Window System, which is designed to create a seamless, transparent, and efficient investment experience, ensuring that investors no longer need to navigate complex bureaucratic procedures across multiple government departments. By integrating over 150 business services from more than 30 state departments and agencies, the system simplifies and accelerates approvals. The platform enables businesses to apply, amend, and renew necessary approvals, NOCs and clearances from the Single Window system, enhancing efficiency & turnaround times for investors. Investors can now also secure in-principle approvals at either the district or state level through an online Common Application Form (CAF), enabling a more structured and predictable approval process.
Unveiled on the inaugural day of the Global Investors Meet - Invest Karnataka 2025, the policy was officially introduced by Deputy Chief Minister D.K. Shivakumar, alongside Chief Minister Siddaramaiah, Industries Minister M.B. Patil, and senior government officials.
Speaking at the event, Pralhad Joshi, Minister of Consumer Affairs, highlighted India's growing leadership in renewables. “India is now the third-largest producer of renewable energy globally and ranks third in solar power generation worldwide. This achievement reflects our commitment to a sustainable future,” he said.
The announcement was made in the presence of Defence Minister Rajnath Singh and the Chief Minister Siddaramaiah.
“India has made remarkable progress in its renewable energy sector, surpassing 100 gigawatts (GW) of solar energy capacity and 220 GW of total renewable energy. With an ambitious goal of reaching 500 GW by 2030, the country continues to accelerate its clean energy initiatives,” added Joshi.
