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Karnataka’s IT export targets to be lowered amid downturn

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Karnataka which accounts for almost a third of total Indian IT exports of $178 billion, is set to revise downwards its export targets given the current macroeconomic environment. IT exports from the state are likely to only go up by $10-$15 billion in the next year because of the global slowdown, said Karnataka IT&BT Minister Priyank Kharge. 

Previously the State had set a goal of achieving $150 billion by 2026, under the BJP government. Currently, the State’s IT exports stand approximately at $65 billion. “We need to be a little more practical about how things are because the world is still recovering from the pandemic and also a bit of recession in certain countries and it has been revised down and I think we should add another $10-$15 billion dollars next year,” Kharge told businessline

The minister further noted that IT Services will remain the core focus, going forward R&D and Innovation will also be prominent focus areas for the government. Kharge said, “IT Services is what has gotten us where we are but we have moved from being a services country to a country that is now into research and development, which has propelled us to be an innovation and invention ecosystem. Now, our targets on all fronts will be pretty aggressive.” 

As the IT industry has constantly hollered for better infrastructure in the tech capital, addressing the issue he said that infrastructure development will always be a work in progress. Highlighting the efforts of the newly sworn-in Congress cabinet, he noted that while a lot of challenges are persistent, the government has a special focus on the issue with Deputy Chief Minister DK Shivakumar in charge of the mandate. 

Kharge also noted that the government is also focused on Beyond Bengaluru initiatives -the proliferation of growth of the digital economy in clusters beyond Bangalore -. Recently, the government has signed up a semiconductor project worth Rs4500 crores in Mysuru and also has a Japanese contingent working closer to Tumkuru. He was responding to the queries at the Global Innovation Alliance (GIA) Partners meeting in Bengaluru. 

At the meeting, the minister announced that the 26th edition of Bengaluru Tech Summit(BTS) 2023 is scheduled to take place at Bangalore Palace from November 29th to December 1st, 2023. The meeting was held to recognize the participation of GIA Partners in the Summit. The event witnessed the attendance of representatives from over 16 countries, and Consul Generals/Deputy Consul Generals from Australia, France, Israel, Japan, Switzerland, and the Netherlands shared their remarks.



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