Govt To Set Up Startup Park In Bengaluru To Encourage 25,000 Startups

Karnataka govt has allocated a ₹30 cores budget for Startup Park. It will be a hub and incubator for aspiring entrepreneurs and 25,000 upcoming startups.

The Karnataka government declared the creation of a Startup Park at Devanahalli, next to the Kempegowda International Airport, in an effort to significantly strengthen the startup environment in the state. 

In the most recent budget that was presented on Friday, Chief Minister Basavaraj Bommai made the declaration. For the project, the government allotted Rs 30 cores.

The chief minister declared, “A state-of-the-art startup park is proposed to be established at a budget of Rs 30 crore, near Kempegowda International Airport.

A center and incubator for ambitious business owners from different regions of the state is what the proposed startup park is meant to serve. 

State IT & BT Minister CN Ashwath Narayan claims that the facility will help at least 25,000 companies flourish over the next few years. 

He also said that additional funds will be provided in the future, with the initial package being the ₹ 30-crore amount.

The startup park’s announcement is in keeping with the state government’s goal of creating a $300 billion digital economy by 2025 and will offer a plug-and-play facility with a comprehensive ecosystem for generating prototype solutions and market-ready scalable goods, minister Narayan continued.

Agri-tech, climate-tech, and deep tech, among others, will receive special attention in the park, according to senior officials, in order to “develop innovative solutions for the 21st-century global and local concerns.”

The park’s pre-project work is anticipated to begin shortly, and in consultation with industry experts, a final determination will be made regarding the amount of land needed, the project’s cost, and the method of development.

The Chief Minister initially revealed the strategy in his opening remarks at the 25th Bengaluru Tech Conference in November of last year, when he discussed his administration’s goals for fostering the expansion of information and technology industries, particularly IT and BT (Business Technology).

Bommai, who presented the budget, also stated that the Karnataka State Small Industries Development Corporation (KSSIDC) will construct new industrial parks in nine locations.

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