Karnataka's Leap Forward: Boosting Innovation and Entrepreneurship Beyond Bengaluru

Karnataka Chief Minister Siddaramaiah announced a 'Local Economy Accelerator Programme -LEAP' with a Rs 1,000 crore grant to foster innovation outside Bengaluru. The budget outlines allocations for various tech and industrial initiatives statewide, aiming to create job opportunities and develop technology hubs across Karnataka.

Karnataka Chief Minister Siddaramaiah unveiled an ambitious initiative to spur innovation and entrepreneurship beyond Bengaluru. The 'Local Economy Accelerator Programme (LEAP)' is set to launch this year with a substantial Rs 1,000 crore grant, targeting the development of startup ecosystems in cities like Mysuru, Mangaluru, Hubballi-Dharwad, and Kalaburagi. The initiative aims to create 5 lakh employment opportunities throughout the state. A lifecycle approach will be employed to establish incubators, accelerators, centers of excellence, and Global Technology Centres.

The budget further outlines Rs 300 crore for a Fund-of-Funds and Rs 100 crore for deep-tech development. In pursuit of advancing technology, Karnataka plans to open a Centre for Applied AI for Tech Solutions with a Rs 50 crore investment. A Quantum Research Park Phase-2, to be developed with a Rs 48 crore grant, is also on the agenda, alongside a state-of-the-art PCB Park and a SensorTech Innovation Hub aimed at enhancing electronics manufacturing and sensor technology.

Further initiatives include an Agri-Tech Accelerator in Kalaburagi, a testing track for EV vehicles, and support for Foxconn's new mobile manufacturing plant. The budget also includes provisions for women's dormitories and hostels to ensure safe working environments. In addition, a Japanese Industrial Park and a new MSME Policy are envisioned to attract investments and boost industrialisation in the region.

(With inputs from agencies.)