KARNATAKA

Well recognized as the  the IT hub of India and home to the fourth largest technology cluster in the world, Karnataka has witnessed a revival of its services and industry sector in the past few years. Its vibrant automobile, agro, aerospace, textile, biotechnology and heavy engineering industries are thriving. The state also has sector-specific economic zones  for key industries such as IT, biotechnology, engineering, food processing and aerospace.

KEY INDUSTRIES / SECTORS:

Information Technology

Private-sector specialty healthcare

Manufacturing Industry

Coffee plantations

Trade

POTENTIAL INDUSTRIES:

Tourism, Renewable energy

Karnataka New Age Incubation Network: It aims to establish incubation centre’s in ICT sector in association with selected engineering colleges at district headquarters.

Start Up warehouse NASSCOM-Karnataka Govt: Start-up Warehouse’ is a mosaic, which binds startups and entrepreneurs together in a novel working space.

Karnataka i4 Policy: IT & ITeS Start Ups will be eligible to rent spaces with internet at concessional rates of Rs.5-15 per square feet. Under the policy, the state government will provide IT companies with land with respect to the number of jobs they create. It will also provide them with single window clearance, exemption from Karnataka Industrial Employment rules, etc.

Rajiv Gandhi Udyami Mitra Yojana (RGUMY) is to provide information, support, guidance and assistance to first generation entrepreneurs as well as other existing entrepreneurs through an ‘Udyami Helpline’(toll free no. 1800-180-6763), to guide them regarding various promotional schemes of the Government, procedural formalities required for setting up and running of the enterprise and help them in accessing Bank credit etc.

Udyogini Scheme assists women in gaining self-reliance through self employment, especially in the trade and service sector.

New Industrial Policy 2014-19: various incentives under the new industrial policy have been kept for the entrepreneurs. Some of them are:
1. Interest Free Loan to Large, Mega, Ultra Mega and Super Mega enterprises on Net VAT and CST
2. Investment Promotion Subsidy
3. Stamp Duty Exemption & Concessional Registration Charges
4. Interest subsidy
5. 100% Exemption from Tax on Electricity Tariff
6. Incentives for Technology Upgradation, Quality Certification for MSMEs

Incubation Cell at Visvesvaraya Trade promotion Centre: It aims to provide basic infrastructure and marketing support to budding entrepreneurs in the field of export business in the State.

The United Kingdom Trade and Investment board + the Karnataka
Information Technology Venture Capital Fund: For providing global exposure and mentorship to the startups of the state.

Indian Institute of Management (NSRCEL) | COURSE: Specialization in Entrepreneurship & Family Businesses & Women Entrepreneurship. NSRCEL’s mission is to take ideas to implementation through a structured mentoring programme that helps entrepreneurs create successful business entities out of excellent ideas.

Xavier Institute of Management & Entrepreneurship | COURSE:
Specialization in Entrepreneurship Development

International Academy of Management & Entrepreneurship, Bangalore: The institute has a business incubator and supports entrepreneurial activity within its premise.

Centre for Entrepreneurship Development of Karnataka: Entrepreneurship development and skill development / upgradation training program.

In Summary – Karnataka and Entrepreneurship:

Karnataka offers a wide range of fiscal and policy incentives for businesses under its Industrial Policy. It has also witnessed an unprecedented growth in entrepreneurship amongst its urban population. By boosting entrepreneurship amongst the rural population, while encouraging women to enter non-traditional fields like manufacturing, the state can truly live up to its national reputation as the contemporary entrepreneur’s playground.

To know more about how Karnataka is building a vibrant entrepreneurship ecosystem, click here.

Data Sources for Karnataka:

Note: Policy details provided here are for the purpose of information only. Please verify the latest information from the relevant Government or MSME website of the state. Other data and information is curated from various websites and public documents. In case you have any corrections, additions, or suggestions, please share the same with us, and we’ll be happy to incorporate them here.