A new Karnataka startup policy 2022 has been unveiled by the state government of Karnataka and will shortly be implemented in order to support 25,000 companies over the course of the following five years. Under this strategy, which was approved by the Cabinet on Thursday, a number of incentives would be provided, including a venture fund of Rs 100 crore. The Department of Science and Technology and the IT-BT collaborated to create the policy.
According to a government notice, the new strategy, which is in effect until 2027, seeks to make Karnataka “the Champion State for startups.”
Recall that Devjani Ghosh, head of the National Association of Software and Services Companies (NASSCOM), previously claimed that only 11% of India’s overall technology investment went to DeepTech businesses, and that the industry requires more funding.
A venture capital fund of Rs 100 crore would promote new, creative deep-tech firms in AI, machine learning, electric vehicles, robots, and drones under Karnataka’s new startup policy.
Additionally, startups will receive a one-time incentive of up to Rs 50 lakh.
50 New-Age Innovation Networks (NAIN) in higher education technology institutes outside of Bengaluru’s urban district are the goal of the new policy. For three years, each NAIN would receive financing for student projects totaling Rs 5 lakh and Rs 12 lakh per year for operating costs.
Along with the direct loan of Rs. 10 lakh provided by the Niti Karnataka State Mahila Vikas Nigam, 25% of the Rs. 100 crore in venture capital would be set aside for businesses led by women. With the aid of Rs 15 crore, a Center of Excellence for Assisted Technology would be established for cutting-edge solutions for the elderly and the crippled.
