This State Gives Rs 50 Lakh Seed Funding To 200 Startups: How To Get Funding?

Karnataka houses over 13,000 of the total 57,000 startups in India
Karnataka houses over 13,000 of the total 57,000 startups in India

The Union Government has been observing the ‘Startup India Innovation Week’ from Jan 10 – Jan 16, and the Karnataka government has added 75 startups, taking its total tally to 200 for providing a seed fund of up to Rs 50 lakh each to these companies this year.

In order to promote technological innovation in Karnataka, the selected 200 startups in the country will provide seed funding, stated the Higher Education and Minister for IT/BT and Skill Development for the state, Dr CN Ashwatha Narayana on Sunday.

Karnataka Govt to promote Tech Innovation

Karnataka houses over 13,000 of the total 57,000 startups in India, and in order to attract more startups, the state government will provide 200 startups with seed funding of up to Rs 50 lakh each in the current year.

Addressing the occasion of the first ‘National Startup Day’ event observed at Vidhana Soudha, the education minister said, “The seed funding will be facilitated to additional 75 startups to achieve the tally to 200 startups in the year”, stated an ANI report.

Karnataka has until now, attracted foreign direct investment worth Rs 1.6 lakh crore, which is over 50% of the investment made across the country.

Minister Dr CN Ashwatha Narayana further noted that for maintaining the state’s leading position in the startup sphere, more focus will be put on digital education and skill development, by effectively implementing the National Education Policy of India (NEP) 2020.

PM’s ‘Vishwaguru and super power’ Aim

Prime Minister Narendra Modi has stated that for India to achieve the Vishwaguru and super power status, focusing more on startups in the country, will play a crucial role.

Narayana added that the growth of hardware will also be facilitated together with software in the state, while proceeding on the PM’s vision. 

Rs 5,000 crore will be provided as subsidy for the Electronics System Design and Manufacturing (ESDM), of which Rs 2,000 crore has already been given out in the first year.

Also, under the Union Govt’s Startup India Innovation Week, about 56 startups in the country have been awarded with the national awards for their innovative product development, and of these 14 are from Karnataka.

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