The Karnataka Cabinet on Thursday approved a start-up policy of the State for 2022-27 that aims at stimulating the growth of 25,000 start-ups by 2027.
Currently, the State has around 15,000 start-ups and the new policy has set a goal to add to the number at least 10,000 start-ups in five years, CN Ashwath Narayan’s (Minister of Skill Development, Entrepreneurship and Livelihood of Karnataka) office said in a statement.
“The new policy framed by the Department of Electronics and IT/BT has the aim of positioning Karnataka as the ‘Champion State’ for start-ups and further increase the number of high-growth start-ups by 2027,” Narayan was quoted as saying in the statement.
According to him, the policy would help create an enabling environment for nurturing start-ups throughout their business life-cycle and make the State a global innovation hub for start-ups.
The policy focuses on promoting start-ups in emerging technology clusters 'Beyond Bengaluru' by creating a conducive environment and offering start-ups an ideal ecosystem for growth, he said.