Karnataka’s Higher Education and Minister for IT/BT and Skill Development announced on Sunday that 200 startups will get an initial investment of up to Rs 50 lakh each this year to foster technological innovation in the state.
Karnataka has 14 of the 56 startups that have been rewarded, putting the state in first place in India. There are around 13,000 startups in Karnataka, out of a total of 57,000 across India. The Centre observed the “Startup India Innovation Week” from 10-16 Jan and announced national awards for startups for their innovative product development. A total of 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. That startups will be critical in India’s transformation into a “Vishwaguru and superpower.”