Karnataka govt to launch platform enabling MSMEs to connect with fintechs

Karnataka Large and Medium Industries Minister MB Patil on Sunday announced that the state government plans to create an integrated platform to provide micro, small, and medium enterprises (MSMEs) in Karnataka with access to all fintech firms, as reported by ANI.

In a tweet, the Minister expressed the government's commitment to supporting job creators. "Through small steps and big Leaps, Karnataka will stand by its job creators. Industries department will look into creating a platform to enable industries with access to fintech companies, to unlock Karnataka’s manufacturing potential. Karnataka has thousands of MSMEs and large industries that employ lakhs of workers across the state and are the true backbone of the economy," the tweet read.

Highlighting Karnataka's emergence as a fintech hub, the Minister emphasised that enabling MSMEs to connect with fintech companies would foster the growth of specific manufacturing industries.

According to a PTI report, Tata Technologies, a subsidiary of the Tata Group, has recently committed to establishing three Common Engineering Facilities Centres (CEFCs) in Karnataka to support MSMEs. Patil stated that the establishment of these facilities would necessitate an investment of Rs 2,000 crore.

Recently, the Industries Minister announced the resolution of legal obstacles pertaining to the allocation of 300 acres of land to iPhone manufacturer, Foxconn. Patil made this announcement during a session at the State Legislative Assembly of Karnataka in response to a query, as per ANI's report.

"A total of 300 acres will be given to the company in the ITIR spread over Devanahalli and Doddaballapura taluks. The company would invest around Rs 8,500 crore to set up a manufacturing plant. The company can commence construction work immediately after the handing over of the land," he said.