Davos may trigger momentum for Karnataka economy


Minister for Large and Medium Industries, and Infrastructure Development M.B. Patil with delegates in Davos,  Switzerland.

Minister for Large and Medium Industries, and Infrastructure Development M.B. Patil with delegates in Davos, Switzerland.
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The World Economic Forum which, is being held in Davos, Switzerland, appears to be triggering some quick momentum for Karnataka’s economy.

A high-level delegation from Karnataka, headed by Minister for Large and Medium Industries, and Infrastructure Development M.B. Patil, held a series of discussions with global tech and business leaders at the World Economic Forum meet.

The Minister called on them to consider further investment in the State and also assured them of his government’s complete support and cooperation in their future ventures in Karnataka.

According to State government officials, several global tech enterprises, including Johnson & Johnson Group, IBM, and Schneider Electric, in response to the invitation, are either expanding their existing presence in Karnataka or making new investments.

For instance, Johnson & Johnson (J&J) is set to establish its Global Service Centre, which will generate 200 new jobs in the State. The company also has plans to enhance its manufacturing presence in India, particularly in the medical technology and life sciences sectors.

IBM made a strategic announcement regarding its interest in exploring the North Bengaluru area, citing the significant availability of talent, with its local talent reaching almost 40,000, the majority being in Karnataka. Particularly noteworthy was the rapid expansion of IBM’s Client Engineering Team dedicated to Gen AI, which has seen a remarkable increase from 300 to 2,000 people within the last three months, with further plans to expand to 2,000 by 2025, as per a statement released by Mr. Patil’s office.

Schneider Electric, with its recent acquisition of L&T’s electric business, coupled with the establishment of two installations in Karnataka, was strategically positioned in the State where half of its 35,000-strong workforce was located, the statement said.

According to the communique, Schneider is actively investing in its Attibele facility, envisioning a comprehensive campus with five factories, anticipating a doubling of output through enhanced efficiencies and the integration of cutting-edge technologies. The company is also exploring collaborations with six NGOs to further its corporate social responsibility (CSR) activities to educate electricians in Bengaluru. Schneider also has plans to expand this initiative by introducing dialectic equipment to over 400 schools and training 1,90,000 electricians.

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