Minister for IT/BT and Skill Development Dr. C N Ashwath Narayan announced that the Karnataka government will provide seed funding of up to Rs 50 lakh for 200 startups in the state to promote technological innovation.
Addressing the occasion of the first 'National Startup Day' event at Vidhana Soudha, Narayana said, “This being the year of Azadi Ka Amrit Mahotsav, the seed funding will be facilitated to additional 75 startups to achieve the tally to 200 startups in the year.”
The Minister added that Rs 5,000 crores will be given as subsidy, out of which Rs 2,000 crores has already been given in the first year, under the Electronics System Design and Manufacturing policy.
Karnataka is home to over 13,000 startups out of the total 57,000 in the country. Karnataka has so for attracted Rs 1.60 lakh crore of foreign direct investment, which is over 50% of the investment made in the entire country, in 2022.
Out of the 56 startups awarded in the 'Startup India Innovation Week' organised by the Union government from January 10 - January 16, 14 startups from Karnataka have bagged the same to put the state on top in India.
