Karnataka Budget: Three new schemes for start-ups announced

Bengaluru Chief Minister Siddaramaiah's Budget for 2024-25 introduces new programmes to boost start-ups, agri-start-ups, and innovation in Karnataka.

Chief Minister Siddaramaiah, in his Budget for 2024-25, announced three new programmes aimed to boost the start-up ecosystem in the State.

The new programmes include the Rajiv Gandhi Entrepreneurship Programme — an early-stage funding programme to promote innovative endeavours and start-ups by students and entrepreneurs, a new initiative to support early-stage women entrepreneurs with a sector-wise and targeted approach, and a programme to promote agri-start-ups in the State.

Under the agri-start-up programme, five acres of land will be provided to C-Camp Agri Innovation Park.

The government has also proposed to set aside ₹10 crore to establish a centre of excellence in fintech, space tech and automotive tech over five years in collaboration with entrepreneurs and educational institutions.

Karnataka recently emerged as one of the best-performing States in the start-up ranking by the Department for Promotion Industry and Internal Trade (DPIIT). However, the State, which is home to 18,000 start-ups, saw a considerable drop in start-up funding in 2023, mostly owing to the macro-economic trends.

The Minister also announced plans to introduce a new GCC (Global Capacity Centres) policy in the current year to attract higher investments in major sectors. Bengaluru currently has more than 400 GCCs.

The other announcements included the establishment of skilling and innovation centres in Kalaburagi, Shivamogga, Hubbali, and Tumakuru, and an institute of advanced genome editing and gene therapy.