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The political landscape in India has been buzzing with news of a potential development project in Karnataka, a state known for its economic prowess and innovative spirit. The Deputy Chief Minister of Karnataka, DK Shivakumar, recently revealed that the state had submitted a proposal to the Prime Minister, Narendra Modi, for the establishment of a financial hub akin to Gujarat's GIFT City. However, the proposal was met with rejection, setting the stage for a political and economic debate.
The GIFT City, inaugurated in 2015 in Gandhinagar, Gujarat, is a meticulously designed special economic zone dedicated to financial services. With a substantial investment of $1 billion, it boasts a sprawling 886 acres and houses numerous global financial institutions, attracting investments through tax exemptions and favorable regulations. It has emerged as a significant financial hub in India, drawing interest from international players.
Despite the rejection of Karnataka's proposal, Shivakumar emphasized the state's capacity to spearhead its own projects, highlighting its significant contribution to India's exports. He stated that Karnataka contributes over 40% of India's total exports, underscoring the state's economic strength and entrepreneurial spirit.
In response to the rejection, Karnataka unveiled its own ambitious project – KWIN City. This sprawling development, covering 5,800 acres, is strategically located between Dobbaspete and Doddaballapura, approximately 50 kilometers from Bengaluru's city center. The project is estimated to cost Rs 40,000 crore and is expected to generate 1 lakh jobs, accommodating 500,000 residents. KWIN City aims to establish itself as a leading center for knowledge, health, innovation, and research, attracting top educational institutions and research facilities.
KWIN City is designed with sustainability in mind. It boasts a solar farm capable of generating 0.69 million MWh of power and an advanced rainwater harvesting system, fulfilling 50% of its water needs. The remaining water requirements will be met through borewells, showcasing the project's commitment to environmental responsibility. The government's vision for KWIN City includes the establishment of clinical trial centers, research labs, and a Life Sciences Park, positioning it as a prominent academic and medical hub in Asia.
While the rejection of the GIFT City-like proposal sparked controversy, it has also spurred Karnataka to forge its own path. KWIN City represents a significant step forward for Karnataka, showcasing the state's commitment to progress and innovation. The project aims to attract global investment and talent, further solidifying Karnataka's position as a leader in technology, innovation, and economic development.
Source: DK Shivakumar alleges PM Modi rejected Karnataka's proposal similar to GIFT City