Karnataka Budget: Key points for AI, startup and technology
The state’s budget, announced by chief minister Siddaramaiah, has proposed support to the state's technology and startup ecosystem, with a focus on artificial intelligence and electronics manufacturing.
By ETtech |
PTI
The Karnataka government has announced initiatives to support the state's technology and startup ecosystem, with a focus on artificial intelligence (AI) and electronics manufacturing.
Key announcements:
Centre for Applied AI for Tech Solutions (CATS)
Key announcements:
Centre for Applied AI for Tech Solutions (CATS)
- The government will establish CATS with an investment of Rs 50 crore over five years. It will support AI research and development.
- Siddaramaiah said an AI-based Government Order Summary and Information Extraction Tool would enable officials and citizens to access information on government orders, policies, and schemes more easily.
- The government will launch LEAP with a grant of Rs 1,000 crore to support startups beyond Bengaluru; Rs 200 crore has been allocated for the current financial year.
- The programme aims to generate five lakh jobs across the state.
- Startup ecosystems will be developed in Mysuru, Mangaluru, Hubballi-Dharwad, and Kalaburagi. It will set up incubators, accelerators, centres of excellence (CoEs), and Global Technology Centres (GTCs).
- Rs 300 crore will be allocated for a Fund-of-Funds, with an additional Rs 100 crore for deep-tech development.
- An agri-tech accelerator will be set up in Kalaburagi to integrate technology into agriculture.
- Foxconn (Hon Hai Precision Industry Co Ltd) will receive an incentive of Rs 6,970 crore under Karnataka’s Electronics System Design and Manufacturing (ESDM) policy.
- It is the first electronics company to receive a large incentive under this policy.
- Foxconn has set up a mobile phone manufacturing plant in the Devanahalli Industrial Area at a capital investment of Rs 21,911 crore.
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