Karnataka Govt To Set Up INR 30 Cr Startup Park Near Bengaluru

SUMMARY

Karnataka’s CM Basavaraj Bommai proclaimed that Karnataka State Small Industries Development Corporation would set up new industrial clusters at nine places in the state

Earlier in November last year, the CM first shared plans of establishing a multi-model startup park, which would focus on varied sectors, ranging from agritech to genomics

The DPIIT recognised Karnataka as the ‘Best Performing’ state in the State Startup Ranking 2021

Karnataka Chief Minister Basavaraj Bommai announced setting up of a startup park for INR 30 Cr near Kempegowda International Airport, Bengaluru.

Presenting the state budget, the CM also proclaimed that Karnataka State Small Industries Development Corporation (KSSIDC) would set up new industrial clusters at nine places in the state.

He further added that to offer employment to 25K people, the state government would establish mega textile parks in Raichur, Kalaburagi, Vijayapura and Chikmagalur districts and mini textile parks in 25 locations of the state in the ongoing year (2023).

Importantly, in November 2022, the CM also shared plans of establishing a multi-model startup park, which would focus on varied sectors, ranging from agritech to genomics.

Back then he also announced the state government’s plans of building six high-tech cities in Gulbarga, Hubli, Dharwad, Mysore, Mangaluru, and central Karnataka areas in a span of six months.

Late last year, the Karnataka Government rolled out Karnataka Startup Policy (2022-27) for promoting the startup ecosystem in the province. The policy aims to support the creation of 10K startups during the period (2022-27).

The government also planned to stimulate the growth of nearly 25K startups between 2022 and 2027, focusing on the count of high-growth startups in the state.

It is prudent to note that DPIIT recognised Karnataka as the ‘Best Performing’ state in the State Startup Ranking 2021.

Also, last year, tech colossal Google inked a memorandum of understanding (MoU) with the Karnataka government to support women entrepreneurs and startups operating in the Tier-II and Tier-III cities of the state.

Under this partnership, Google along with the Karnataka Innovation and Technology Society (KITS) will offer training and mentorship sessions to startups across diverse sectors including cloud services, user experience (UX), Android, product strategy, leadership and marketing.

In 2022, Karnataka’s startup hub Bengaluru witnessed less funding owing to the funding crisis and low investor sentiment. As per an Inc42 data, Bengaluru-based startups witnessed funding activities decline by 48% YoY to $11 Bn in 2022 from $21.3 Bn in 2021.

While, nationwide, startup funding plunged down to $25 Bn in 2022 from $42 Bn in 2021.