The Karnataka government's plan is to support early-stage startups and women entrepreneurs in the state.
Startup. Representational image. (Creative Commons)
Karnataka Chief Minister Siddaramaiah in his Budget speech on Friday, 16 February, proposed to launch three new programmes aimed at maintaining Karnataka’s top position in the startup ecosystem, particularly to support early-stage startups and women entrepreneurs.
Presenting the Budget for 2024-25 in the legislative Assembly, Siddaramaiah announced Rajiv Gandhi Entrepreneurship Programme – an early-stage funding programme that nurtures ideas and innovations to promote innovative endeavours and startups founded by students or inexperienced entrepreneurs.
These programmes will also include a new initiative to support early-stage women entrepreneurs with a sector-wise and targeted approach. To promote agriculture startups in the state, five acres of land will be provided to C-Camp Agri Innovation Park, the chief minister said.
“Karnataka has been a pioneering state in the field of technology. To expand the state’s footprint in this sector, a Centre of Excellence in Fintech, Space-tech and Automation Tech at a cost of ₹10 crore will be set up over five years in collaboration with entrepreneurs and educational institutions,” the chief minister said.
Bengaluru has more than 400 Global Capability Centres. To attract higher investment in this sector, it is proposed to introduce a new Global Capability Centre Policy in the current year, he said.
“Karnataka Innovation of Technology Solutions, in collaboration with KEONICS, will establish skilling and innovation centres in emerging technologies across Kalaburagi, Shivamogga, Hubbali, and Tumakuru, at a budget of ₹12 crore,” he added.
An Institute of Advanced Genome Editing and Gene Therapy will be established to promote study and research in genomics in the state which aims to become a hub for cutting-edge research in health, agriculture and other areas of life sciences, he said.
The Karnataka government will launch an AVGC-XR Policy 3.0 for the period 2024-2029, with an ambitious aim of generating 30,000 new high-quality jobs in this sector. There will be a new investment of ₹150 crore towards this, Siddaramaiah said.
To showcase the growth of science and technology and to promote science education, a science city in Bengaluru will be established in association with the Government of India at a total cost of ₹233 crore.
“Karnataka holds the top position in terms of industrial growth. To maintain its top position and to attract more investment, New Industrial Policy will be formulated in the current year. Global Investors Meet will be organised in February-2025 to attract greater foreign investment into the state,” Siddaramaiah said.
The industrial estates existing in various districts will be upgraded through Karnataka State Small Industries Development Corporation in collaboration with the central government at an estimated cost of ₹39 crore.
An industrial node will be developed near Dharwad in 6,000 acres under the Bengaluru-Mumbai economic corridor programme in collaboration with the central and state government. This will resolve the unemployment problem of the North Karnataka region and encourage economic development, he said.
The New Textile Policy 2024-29 will be formulated for the development of the textile and weaving sector, the chief minister announced. Through this, a capital investment of ₹10,000 crore is expected along with the generation of two lakh jobs. This policy will also promote greater investment and employment opportunities, he added.
The chief minister also announced that mini textile parks will be set up in 25 districts of the state for which subsidy will be provided with the existing policy.
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