The report, calling it a "City of the future," stated that the city is the number one in the world ranking for Unicorns to GDP per capita ratio.
Published Jul 27, 2024 | 4:48 PM ⚊ Updated Jul 27, 2024 | 4:48 PM
Minister Priyank Kharge releasing the report. (X)
Karnataka IT and BT Minister Priyank Kharge recently released the Bengaluru Innovation Report 2024, according to which, Bengaluru is slated to be one of the top 10 global cities with the highest GDP by 2035.
Notably, all the 10 cities are from Asia, with the three cities from India being — Bengaluru, Delhi, and Mumbai. Bengaluru’s GDP is projected to grow at 8.5 percent by 2035.
Priyank Kharge, sharing the information on X, listed out few of the highlights of the report. According to the report, Bengaluru has the highest number of female employable talent, and is also the most millennial-friendly city in India for education and employment and 18th in the Asia Pacific region.
He further noted, “Bengaluru Urban has the maximum number of colleges per district at 1106.”
Proud to release the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group.
Key takeaways:
It states that the top 10 cities with highest GDP growth rates between 2020-2035 are slated to be based out of Asia, with Bengaluru, Mumbai and Delhi… pic.twitter.com/LQmsG1z2I5
— Priyank Kharge / ಪ್ರಿಯಾಂಕ್ ಖರ್ಗೆ (@PriyankKharge) July 27, 2024
The minister in a statement said, “The Government of Karnataka has introduced several initiatives to support startups at various stages of their journey. The ELEVATE program, an Idea2PoC Grant-In-Aid Scheme, has provided grants of up to ₹50 lakh to more than 980 startups, with a special focus on women entrepreneurs and deep tech solutions.”
The statement further read, “Additionally, the KITVEN Funds and the Beyond Bengaluru Cluster Seed Fund are tailored to meet the diverse financial needs of startups across the state, ensuring that innovation flourishes beyond Bengaluru. The NAIN initiative, which establishes 50 innovation centres in tech institutions outside Bengaluru, aims to nurture student-led projects.”
The report, calling it a “City of the future,” stated that the city is the number one in the world ranking for Unicorns to GDP per capita ratio.
The report also stated that the city is the fastest-growing city in the world for the next 15 years. Bengaluru is also the 21st city in the top 30 Global Startup Ecosystems. The city also stands in the fourth rank among Asian cities in terms of the number of high-growth companies present.
Speaking on the report, Dr Ekroop Caur, IAS, Secretary, Department of Electronics, Information Technology, Biotechnology and Science & Technology for the government of Karnataka noted, “For a city to produce successful entrepreneurs, it needs to provide the right policy support and allied infrastructure that can nurture innovation. With the creation of the Startup Vision Group Karnataka under the Startup Karnataka programme, we have aimed to bring together the brightest minds in the ecosystem.”
“This will aim to help set a robust framework for policy generation that can be both flexible in its reaction to disruptive technologies but at the same time fair to all stakeholders that are involved. Under programs like ELEVATE (Idea to POC Grant in aid) and NAIN (entrepreneurship at university level), and through KITVEN funds, we have successfully helped provide capital to and incubate young startups into creating world-class products and services,” she added.
Beyond Bengaluru: Apart from Bengaluru, the Mysuru cluster has 402 startups, the Mangaluru cluster has 432 startups, and the Hubballi/Dharwad/Belagavi cluster has 463 startups.
TV Mohandas Pai, chairman of the 3one4 Capital, the company that prepared the report in a release said, “The startups emerging from Bengaluru today are disrupting industries across fields as diverse as artificial intelligence, biotechnology, and fintech. Their pioneering efforts are setting new benchmarks as they transform markets, create jobs, and further population scale outcomes across the world.”
He added, “Bengaluru’s innovative spirit is not just about keeping pace with global trends, it is about leading the charge and redefining what is possible. This report seeks to not only highlight milestones in the city’s journey but also initiate a collaborative dialogue that inspires entrepreneurs, investors, academicians, corporations, and government bodies to come together and build upon this extraordinary ecosystem”
