Boost manufacturing sector, Jaitley urges Karnataka

Lauding Karnataka for grooming first-rate human resource in the country, union Finance Minister Arun Jaitely on Wednesday urged the state government to boost the manufacturing sector for fuelling its growth rate.

"Karnataka should concentrate on attracting more investments in the manufacturing sector to ensure its state GDP grows two-three percent more than the country's growth rate," Jaitley said inaugurating the state's global investors meet (GIM) here.

Asserting that India was a bright spot in the emerging markets with the fastest growth rate, Jaitley told the state government to focus on manufacturing growth, as it was already a leader in the growth of the IT-led services sector.

"I urge Chief Minister Siddaramaiah and state Industries Minister R.V. Deshpande to take manufacturing growth as a challenge because every rupee invested in the state would contribute to the country's growth," Jaitley said.

Complimenting the state for investing in building human capital and facilitating innovation and entrepreneurship in diverse sectors, especially IT and biotech, Jaitley said the state had to stand out in growing faster in view of the abundant natural resources it had and its location being strategic.

"The state has to capacity to grow further in view of the potential it has in terms of natural and human resources, educational institutes and an ecosystem to make rapid strides in diverse sectors of its economy," Jaitley added.