Plan to give startups a boost, create 20 lakh jobs: Karnataka Deputy CM
The Karnataka government intends to stimulate the growth of 2,000 electronics system design and manufacturing (ESDM) startups by 2022 and create 20 lakh jobs by 2025, Deputy Chief Minister of the state Dr C N Ashwath Narayan said on Monday.
Dr Narayan, who holds the electronics, IT/BT portfolio, said at an event organised by the Indian Electronics Semiconductors Association (IESA) to award 'technovation' winners of the ESDM sector.
He exuded confidence in achieving the target through skill development, quality infrastructure, ecosystem support, encouragement to startups, and ease of doing business.
"The ESDM industry is one of the fastest-growing sectors in the country and can play a huge role in its economic recovery," Narayan said.
"Accordingly, the Central government has instituted forward-looking policies to foster the growth of the electronics eco-system," he said.
According to him, Karnataka contributes 64 percent to the ESDM exports and 10 percent to electronics industrial output.
"The state is the nation's largest chip design hub. Nearly 70 percent of the chip designers are based here," Narayan said.
Stating that the state has a policy which encourages the growth of the ESDM sector, he said the government has introduced many incentives and relaxations to promote the setting up of startups.
During the programme, startups, which bagged the award, were Path Shodh, Hack Labs, Devic Earth, Acceleron Labs, EVQpoint and AlphaIC.
In the startup incubator category, SINE and IIT- Mumbai were given the award.
In the medium, small, and the micro enterprises (MSME) category, Saankhya Labs, SkanRay, iWave and Sahasra got the award while AMD, BEL, Einfochips and Wistron were awarded for being an enterprise.
Nivrut Rai, Prof Ramagopala Rao, Prof A Paul Raj and Aruna Sundararajan were given the award of techno-visionary.
In another development, according to the TeamLease Employment Outlook Report for Q3, while large and medium-sized businesses continue to lead in the overall intent to hire, it is the small size businesses (SMEs) that have recorded significant growth in the current quarter (October-December 2020).
Easing of lockdown restrictions and the resultant opening up of economy is having a positive impact on employment as the overall 'Intent to Hire' metric of companies is set to witness a noticeable 3 percent increase in the current quarter, says the report.
(Disclaimer: Additional background information has been added to this PTI copy for context.)