The President of India, Shri Pranab Mukherjee inaugurated the centenary celebrations of the Federation of Karnataka Chamber of Commerce and Industry (FKCCI) this evening (July 27, 2015) at Bangalore.

Speaking on the occasion, the President recalled that FKCCI was established as the Mysore Chamber of Commerce in 1916 by Bharat Ratna Sir M. Visvesvaraya, engineering genius, visionary, statesman and scholar. The President said even prior to India’s independence, Visvesvaraya spearheaded the movement for industrialization with his slogan ‘industrialize or perish’.

The President said Karnataka is one of the leading states driving India’s economy. It's growth story mirrors the growth story of India. Karnataka has a supportive ecosystem which has transformed it into a prominent hub in the global industrial landscape. It's entrepreneurial spirit in innovation and R&D has been recognized the world over. Karnataka contributes 6 percent of India’s GDP, 7 percent of fixed capital and 13 percent of its exports. Successive governments in Karnataka have implemented proactive and business friendly policies. Karnataka is propelling growth, crafting careers and creating wealth through a potent mix of resource and skill oriented, and technology and knowledge based products and services. It is one of the most technology savvy states in India, with a tradition of employing technology across various sectors of the economy.

The President said achieving high growth is a potent tool to fight the scourge of poverty. The proportion of population living below poverty line in India declined from 37.2 per cent in 2004-05 to 21.9 per cent in 2011-12.About 85 million people were lifted out of poverty during the three year period 2009-10 to 2011-12. But for a nation aspiring to be among the developed economies of the world it is not enough to be satisfied merely by poverty alleviation. We have to commit ourselves to the goal of poverty elimination. A lasting solution to the problem of poverty and inequality is generation of gainful employment opportunities and creation of a skilled labour force. The government’s focus on Make-in-India, Skilling India and Digital India are geared to achieve that objective. He urged industry to lend a helping hand in taking these initiatives to their logical end.

This release issued at 1920 hrs.