The Karnataka government is preparing a long-term economic development plan for the Bengaluru Metropolitan Region (BMR), with projections of expanding the regional economy to between $390 billion and $420 billion and creating up to three million jobs by 2037.

The proposal was reviewed at a Steering Committee meeting chaired by the Chief Secretary on Tuesday. The plan is being prepared by the Institute for Sustainability, Employment and Growth Foundation (ISEG Foundation) following an agreement signed with the State government in May this year.

Covering about 8,000 sq. km and home to nearly 1.5 crore people, the BMR contributes more than 43% of Karnataka’s Gross State Domestic Product. The region’s economy is currently estimated at $149 billion.

Annual growth

According to the presentation made before the committee, the BMR recorded an average annual growth rate of 9.7% between 2015 and 2025. This outpaced Karnataka’s growth rate of 8.5% and Hyderabad’s growth rate of 7.5%, cementing Bengaluru’s position as India’s fastest-growing metropolitan economy. The region currently accounts for around 38 lakh jobs.

The plan proposes the development of new growth centres within and outside Bengaluru’s existing urban limits. These centres are expected to accommodate industrial, technology, manufacturing, logistics, commercial and residential activities with the aim of reducing development pressures on the city and promoting growth in surrounding areas.

Several transport projects have also been proposed. These include a 287-km circular rail network, an additional 400-500 km of Metro rail corridors, four Regional Rapid Transit System corridors and expansion of the suburban rail network. Upgrades to road infrastructure and airport connectivity have also been envisaged.

Consultations

As part of the planning process, the government will hold consultations with industry representatives, investors, academic institutions and infrastructure experts over the next few months. An ideas workshop involving industry stakeholders is scheduled for late June, followed by another consultation in July.

The Steering Committee is expected to meet again on July 28. Financial and implementation strategies are proposed to be finalised in August, with the completed plan to be presented to the Chief Minister and Deputy Chief Minister in September.