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Karnataka Government approves Rs 3.5 tn investments for 1,958 projects

2019-02-11

In order to drive industrial development across Karnataka, the Karnataka Government has reportedly approved 1,958 projects with an investment of Rs 3.5 trillion. Karnataka is expected to be the first state in the country in fiscal 2018-2019 in attracting such investments. These projects have the potential to create jobs for over 1 million people.

Also, the government is reportedly implementing the compete with China scheme to develop nine industrial clusters across the state. Karnataka has been rated top in the start-up ranking by the Department of Industrial Policy and Promotion (DIPP) in IT and biotechnology, with Bengaluru start-up scenario valued at about $19 billion. Nearly 0.25 million youth are expected to be trained in the latest technologies through vocational institutions to enable them to get jobs at the earliest. The state government is expected to collaborate with the world's leading start-up ecosystems in Britain, France, Israel, Japan and the US as the start-ups in the state are expected to touch 20,000 by 2025.

The state government has also set up 58 K-Tech (Karnataka Technology) innovation centres in Tier-I and Tier-II cities across the state to incubate start-ups in thousands. In order to enhance education and employment, the coalition government has reportedly committed to starting English medium in state-run schools across Karnataka. Rs 4.5 billion has been reportedly sanctioned and released for upgrading the infrastructure in state-run schools across the state.