Karnataka IT exports to touch $150 billion by 2026: Minister CN Ashwath Narayan
The Karnataka government is all set to host the three-day, 24th edition of Bengaluru Tech Summit (BTS) 2021, from Wednesday. After reviewing preparedness for the event, CN Ashwath Narayan, minister for IT, BT and science & technology, interacted with journalists.
Karnataka has an ambitious roadmap to touch $150 billion in IT exports over the next five years. A McKinsey report said India’s IT sector is expected to touch $300-$350 billion over the next five years, growing 10% a year.
In the next five years, we want to increase it to $150 billion from the current $58 billion. We also want to accelerate IT exports in Mysuru, Mangaluru and Hubbali clusters from 2% to 5% which translates to Rs 50,000 crore over five years from the current Rs 10,000 crore. However, these are pure-play IT services export numbers, we haven’t factored in GCCs or startups and with that, it’ll be even bigger. The Indian government plans to become a $1 trillion digital economy, and we want to have a 30%-40% share. If we have to achieve this, we have to accelerate growth beyond Bengaluru and Covid has shown us the way.
The Karnataka government has rolled out several initiatives aimed at enhancing the ecosystem in these cities, leading to increase in demand for talent from IT/GCC/ESDM companies in Tier II & III cities. The availability of skilled manpower and cost effectiveness are favourable factors and we’re well positioned to address business challenges. Favourable labour laws and concessions are top priority and the state has provided a conducive environment.
Worlds Largest Solar Power Park In Bhadla
The world’s largest solar power park is located in Rajasthan’s Bhadla Solar Park.
♦ The solar park is located in Bhadla, Rajasthan, which is an arid and sandy environment.
♦ It covers a total of 14,000 acres.
♦ The park contains a total of ten million solar panels. These solar panels contribute to a total capacity of 2245 MW of operating capacity.
♦ Bhadla Solar Park will be the world’s largest solar park by 2020. It is located in Bhadla, Rajasthan’s Jodhpur district, and covers an area of 5,700 hectares.
♦ The park has a total capacity of 2245 megawatts (MW). At Rs 2.44 per kilowatt-hour, it had received the lowest solar power bid in India.
It now has a total capacity of 2,245 MW, making it the world’s largest solar park, with a total investment of Rs 100 billion.
Govt Signs $61 Million Loan With ADB
The Asian Development Bank (ADB) has agreed to lend $61 million to the Indian Govt. to enhance living conditions, stimulate new developments in Agartala.
♦ A loan agreement was reached between India and the Asian Development Bank for the Agartala City After Urban Development Project.
♦ This initiative is in line with the Smart City Mission’s objective of improving urban infrastructure services.
♦ It will improve Agartala’s liveability by improving road connectivity, implementing flood-resilient measures, and enhancing the appeal of tourism attractions.
♦ Through this project, the ADB hopes to catalyse synergies with smart city components that are being implemented in Agartala.
National Press Day Commemorated On 16 November
Every year on November 16th, National Press Day is held to honour India’s free and responsible press.
♦ The Press Council of India began working as a moral watchdog on this day, ensuring that the press maintains high standards and is neither influenced or threatened.
♦ It also marks the establishment of the Press Council of India.
♦ The First Press Commission was established in 1956 with the goal of forming a Press Council to preserve India’s press freedom.
♦ The Press Council of India was created on July 4, 1966. It went into effect on November 16, 1966.
Wholesale Price Index (WPI) Released
The Ministry of Commerce and Industry announced its Wholesale Price Index (WPI) statistics.
♦ Provisional Wholesale Price Index (WPI)-based inflation increased to a five-month high of 12.54 percent in October 2021, compared to 66 percent in September.
♦ An increase in gasoline and manufacturing prices was blamed for the increase.
♦ The benchmark inflation has been in double digits for seven months in a row. The benchmark inflation rate in October 2020 was 1.31 percent.
♦ When compared to the same month the previous year, the high rate of inflation in October 2021 was driven by a surge in the costs of mineral oils, basic metals, crude petroleum and natural gas, food, chemicals, and chemical products, among other things.
States to get additional Rs 47,500 crore this month: Finance minister
The Centre decided to release an additional Rs 47,500 crore to states as their share of taxes in order to boost capital spending, especially for infrastructure. The Centre said the reduction in excise duty on petrol and diesel would not impact transfers to states.
The Centre, which has seen healthy revenue collections, has already stepped up fund transfer for GST compensation and is now pushing more funds to states, which were sitting on cash balance of nearly Rs 2.7 lakh crore at the end of October. Only four states had a negative cash balance.
KPSC Notes brings Prelims and Mains programs for KPSC Prelims and KPSC Mains Exam preparation. Various Programs initiated by KPSC Notes are as follows:-
- KPSC Mains Tests and Notes Program 2022
- KPSC Prelims Exam 2022- Test Series and Notes Program 2022
- KPSC Prelims and Mains Tests Series and Notes Program 2022
- KPSC Detailed Complete Prelims Notes 2022