Karnataka Cabinet Approves Startup Policy For 2022-27, Plans To Foster 25K Startups
The Karnataka Cabinet has approved a state startup policy that aims to stimulate the growth of 25,000 startups in the next five years and position the state as a champion of startups.
During a cabinet meeting held in Belagavi, where the legislature’s winter session is underway, the decision regarding this policy was taken.
As per an official statement by Minister for IT/BT CN Ashwath Narayan’s office, currently, the state has around 15,000 startups. And with this new policy, the state has set a goal to add to the number at least 10,000 startups in five years.
Karnataka Startup Policy 2022
Ashwath Narayan added that the policy would help create an enabling environment for nurturing startups throughout their business life cycle and make Karnataka a global innovation hub for startups.
It focuses on promoting startups in emerging technology clusters beyond Bengaluru by creating a conducive environment and offering startups an ideal ecosystem for growth.
Speaking about the development, CN Ashwath Narayan said,
“The new policy framed by the Department of Electronics and IT/BT has the aim of positioning Karnataka as the ‘Champion State’ for startups and further increase the number of high-growth startups by 2027.”
The Karnataka Startup Policy 2022 aims to set up a Rs 100-crore venture capital fund that would support emerging innovative and deep-tech startups in artificial intelligence, machine learning, robotics, drones, electric vehicles, and other disruptive technologies across all sectors. Additionally, startups will get a one-time grant-in-aid of up to Rs 50 lakh.
Karnataka is not the only state that has come up with a startup policy. Recently, the Rajasthan government also announced a policy for startups and entrepreneurs in the state.
Building on the older startup policy, implemented in 2015, The Rajasthan Startup Policy 2022 aims to promote the state as a hub for innovation and boost startup growth. It aims to support startups across industry verticals such as healthcare, agriculture, education, and fintech, increase job opportunities for and upskill youth, and encourage diversity and sustainability within the startup ecosystem.
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