State attracts ₹1.6 lakh crore FDI in FY22

This is more than 50% of such investments received in entire country; 200 startups to get ₹50 lakh each

Karnataka has attracted foreign direct investments (FDIs) worth ₹1.6 lakh crore so far in the current fiscal, which was more than 50% of such investments received in the entire country, said Minister for IT/BT and Skill Development C.N. Ashwath Narayan on Sunday.

The Minister said the State had captured FDI to the tune of ₹1.6 lakh crore in fiscal 2022 in diverse businesses and technology areas, including aerospace and defence, agrotech, fintech, healthtech, biotechnology, nanotechnology, electronics, drone technology, hospitality, food processing, manufacturing, hardware and ESDM.

The State was home to over 13,000 startups out of the total 57,000 in the country, the Minister said while speaking at an event organised in connection with National Startup Day here.

To promote technological innovation in the State, 200 startups would be given seed funding of up to ₹50 lakh each in the current financial year, he said.

“To maintain Karnataka’s lead position in technology, we will continue to focus on digital education and skill development through effective implementation of NEP,” the Minister stated. The move to set up an ART Park (Artificial Intelligence & Robotics Translational Park) at IISc was testimony to the government’s commitment towards the growth of emerging industries, he said.

According to the Minister, the focus was to grow and develop the hardware sector on the lines of the software industry. Under ESDM (Electronics System Design & Manufacturing) policy, ₹5,000 crore would be given as subsidy, and out of this ₹2,000 crore has already been given out in the first year, Mr. Narayan informed.

14 startups awarded

The Centre observed a ‘Startup India Innovation Week’ from January 10 to 16 and has announced national rewards for startups for their innovative product development. Out of the 56 startups awarded, 14 are from Karnataka.

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