Chief Minister Basavaraj Bommai said Bengaluru will emerge as the financial capital of the country in the next five to ten years and added that there are no impediments to realise this potential.
Minister for IT-BT, Science and Technology, Dr C N Aswath Narayan said various electronics companies involving a big ticket investment of Rs 36,804 crore have evinced interest in putting up their production units in various parts of Karnataka state.
At the 25th edition of the Bengaluru Tech Summit 2022, he said Bengaluru has made rapid strides in science and technology sectors and has become the cynosure of all eyes the world over. The Minister said the government has set an ambitious target of achieving a target of $300 billion in IT and BT exports by 2025 from the present $135 billion.
He said Karnataka state is emerging as a hub for semiconductor and chip design. He said the state had attracted investments worth Rs 22,900 crore in the semiconductor industry. ISMC Analog Fab has already issued an expression of interest in opening shop in the state. Besides, companies like Exide, Hitachi and Bosch among others have also submitted their investment proposals which have been approved.
Dr Aswath Narayan said the government of Karnataka has laid impetus on improving the quality of higher education and development of skills with a view to providing employment opportunities and quality manpower to the entrepreneurs.
India’s first and 100th unicorn start-up companies come from Bengaluru, the minister said, adding that Karnataka constitutes about 55% of the start-ups in terms of valiue in the country due to the investor-friendly policies and a healthy start-up ecosystem in the state.
The Minister said the government is encouraging the setting up of clusters beyond Bengaluru to achieve balance and stability in the ecosystem.
Dr Aswath Narayan said Karnataka has a conducive environment for establishing IT, BT, start-ups and ESDM zones. He said Karnataka has more than 22,000 start-ups, a majority of which are in deep tech and artificial intelligence sectors contributing a lion’s share to the digital economy of the state.
The Minister said India boasts of 10 decacorns of which Flipkart, Byjus and Swiggy are based in Bengaluru. He said Karnataka is on the threshold of welcoming 20 more unicorns soon.