The State Higher Education and Minister for IT/BT and Skill Development, Dr CN Ashwatha Narayana, said on Sunday that 200 start-up firms in the state will be getting an initial investment of up to Rs. 50 lakh each this year, in order to encourage technological innovation in Karnataka.
The education minister, speaking on the occasion of the maiden ‘National Startup Day’ event held at Vidhana Soudha, remarked, ‘The seed funding will be facilitated to additional 75 startups to achieve the tally to 200 startups in the year’.
In the current fiscal year, the state has garnered 1.60 lakh crores in foreign direct investment, accounting for more than half of all investments in the country. Out of the entire 57,000 startups in the country, almost 13,000 are located in the state.
The emphasis on digital education and skill development would be focused on the successful execution of the National Education Policy of India (NEP) 2020, he stated, in order to retain the state’s leadership position in the industry.
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According to Narayana, Prime Minister Narendra Modi has stated that startups will be critical in the transformation of India into a ‘Vishwaguru and superpower’.
Following the Prime Minister’s lead, the minister stated that the expansion of hardware will be promoted in tandem with the development of software in the state.
As per Narayana, 5,000 crores would be allocated as a subsidy under the Electronics System Design and Manufacturing (ESDM) strategy, with 2,000 crores already allocated in the first year.
The Union government celebrated ‘Startup India Innovation Week’ from January 10 to 16 and awarded national prizes for creative product creation by startups. The state received 14 of the 56 awards, placing it first in the country.
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