CM Bommai-led Cabinet Approves Karnataka's Startup Policy 2022
The Chief Minister of Karnataka, Basavaraj Bommai at the State Cabinet meeting in Belagavi Suvarna Vidhana Soudha on Thursday approves the Karnataka Startup Policy 2022. In order to give a boost to the state's economy, the policy aims at facilitating the setting up of 25,000 new startups by 2027, according to media reports.
Karnataka cabinet approves Startup Policy 2022-27 which aims to establish 50 new-age innovation network centres in order to strengthen the infrastructure setup
C N Ashwath Narayan, Minister of Information Technology and Biotechnology, Karnataka said that the policy is aimed at playing a vital role in creating an enabling environment across the State. Also, the new policy aims to add at least 10,000 startups in the next five years.
Karnataka holds the position of India’s startup capital with over 15000 startups and being ranked as the Best Performer State’ in DPIIT’s States’ Startup Ranking 2021
The salient features of the startup policy include the intent to give impetus to encouraging social entrepreneurship / assistive technology innovations and facilitate innovative technology solutions in the social governance sectors. This is to address the existing social challenges in the Environmental, Social, and Governance (ESG) framework and to meet Sustainable Development Goals (SDGs).
Additionally, the policy will encourage facilitating funding avenues that lead to investment in startups by institutional investors and angel investors and also through Government funding.
