With about 40 percent share of software export from India, Karnataka has set an ambitious export target of a whopping Rs.4 trillion (Rs.4 lakh crore) by 2020 for the resilient IT services industry in the state.

"We propose to increase the annual export of software to about Rs.4 lakh crore by 2020 from Rs.135,000 crore in fiscal 2011-12 and increase employment opportunities to about two million people from 800,000 at present," said Chief Minister Jagadish Shettar.

Shettar said the state had the distinction of implementing many policies for the first time in the country in the knowledge sector, including on semiconductor, animation and gaming.

"Karnataka tops in the country in the information technology and bio-technology (IT & BT) sectors. The World Bank and the International Monetary Fund (IMF) have ranked Bangalore as the 16th city globally to attract investments," Shettar said.

Claiming that the second Global Investors' Meet in June was a huge success, the chief minister said the state government had signed agreements for 712 projects with an investment potential of Rs.7.6 trillion (Rs.7.6 lakh crore).

"A separate web portal has been launched Aug 10 to ensure transparency and speedy implementation of these projects. The portal will also help investors and the public to know details of the projects being implemented and clearances given by the departments," Shettar pointed out.