Bangalore, Sep 13 (UNI) Bangalore Chamber of Industry and Commerce (BCIC) President John M Panikar has called for development sustainable infrastructure for continuous growth of state's economy.
"Karnataka has done well especially in the recent years by growing at a rate of more than eight per cent in tune with the national GDP growth of over nine per cent. The State's exports have done very well crossing the Rs One lakh crore mark. To sustain this growth rate and to further boost the economy, sustainable infrastructure development should be speeded up and it should become a continuous process", Mr Panikar told UNI here last night.
He said opening up of Minerals and Mining the growth in this sector was expected to touch 20 per cent and to properly tap this growth there is need for world standard infrastructure. After IT, engineering, garments, electronics, Karnataka is ready to cash in on the new mining policy to the benefit of the state's economy.
Mr Panikar said that Karnataka needs to maintain high growth for many more years to be able to transform itself into a modern and developed State. While the current phase of growth and development seemed comfortable, the question was how to sustain and improve the rate of growth for achieving faster development, higher incomes, bigger rate of employment, better quality of life and greater equity, including reduction of regional imbalance and bridging the urban-rural divide.
He said that though the State government promised a number of schemes, they never get implemented in time due to red tapism, political controversies, incompetence and corruption.