Inaugurating the summit with the theme 'Innovation for Inclusive Growth', Karnataka Chief Minister Siddaramaiah said "...it is not enough to just be an ideal investment destination. To ensure that the state is always ahead in the growth curve, specific policies and initiatives need to be taken up for the state to continue as an ideal investment destination."

He said in this regard, the state would shortly unveil its new industrial policy for the year 2014-19.

"The updated policy will take into account the rapid changes occurring in the state's economy and will create a robust framework, within which industries will be able to grow and new industries will find it attractive to set up here," he added.

The Chief Minister also said the State Government was in the process of formulating a new infrastructure policy that would provide infrastructure services for both existing companies and also companies willing to invest in Karnataka.

CII immediate past President and Chairman of the summit, S Gopalakrishnan said: "I strongly believe that we need to create a student entrepreneurship policy for the state. We need to create incubation labs in colleges where students can experiment, innovate and create the next generation products."

He also said, "we need to continuously review and modify our policies around starting, operating and closing a business- what we call ease of doing business...."