Karnataka has ability to outpace India's growth: Finance Minister Arun Jaitley

BENGALURU: Finance Minister Arun Jaitley expects Karnataka to surpass the national growth rate, saying it has the potential to grow at least 2-3 per cent ahead of India's GDP.

Speaking after inaugurating the global investors' meet 'Invest Karnataka-2016', Jaitley said: "... given its natural advantage, first-grade human resource and the natural technology inclination of entrepreneurs... Karnataka has to grow at least 2-3 per cent ahead of India's GDP."

Complimenting the state government for organising the meet, he said, "Karnataka has the capacity, and I think it is that capacity which we have to fully realise."

Chief Minister Siddaramaiah, Union ministers Nitin Gadkari, Venkaiah Naidu and Ananth Kumar, among others, attended the meet.

Acknowledging that Karnataka is the leader as far as education is concerned, the finance minister said the state will continue to produce best human resource in India.

"One of the best things that happened to Karnataka over the last 2-3 decades was that even at the age of regulated economy, some wisdom dawned on this country and we decided to leave the IT sector alone. Since we left the IT sector alone free from any interference of the government, they prospered. They became in fact a face of India's growth potential," Jaitley added.

With natural innovation, start-ups growing in the state, and a lot more potential in aerospace, the state should look at large manufacturing investment potential, he suggested.

"Manufacturing is where jobs are... if we are able to concentrate on this with natural advantage of R&D centres worldwide coming into the state, I think we can exploit all these potential and really convert Karnataka into a destination of investment of economic activity of growth," Jaitley added.

"I think every rupee that goes into Karnataka, investment goes into India's growth..."