Over 4,000 Start-Ups Receive Investment Of $1 Bn In 2 Yrs

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BENGALURU: Karnataka continues to lead the country in the Information Technology and Bio Technology sectors, and over 4000 start-ups have received investments of  $1 billion over the past two years, Karnataka Governor Vajubhai Vala today said.



In his customary address to the joint sitting of the state legislature reflecting government's policies and priorities, he said public transport and scientific traffic management are essential to address the traffic problems faced by this IT city.



"Karnataka continues to lead the country in the Information Technology and Bio Technology sectors, which are growing at a rate of 10 pct to 12 pct a year and creating new avenues for employment," Vala said.



He said "With the launching of a new start-up policy the state has retained its lead as one of the start-up capitals of the world. Over 4000 start-ups have received investments of over USD 1 billion over the past 2 years."



The Governor in his speech also sought to address Bengaluru's traffic issues by listing out the steps taken by the state government to mitigate it.



Pointing out that the World Economic Forum recently rated Bengaluru as the world's most dynamic city, he said "public transport and scientific traffic management are essential to address (its) traffic problem.



"The Bengaluru Metro Rail Corporation is poised to complete 42.38 km of phase 1 of Bengaluru Metro by April 2017, he said adding that the work under phase 2 was being executed at a fast pace, he added.



Vala also said that his government is pro-active to introduce suburban rail for the Bengaluru Metropolitan Area in collaboration with the Ministry of Railways for which a MoU has been signed.



Noting that during the current and the next year, various roads and other infrastructure works worth Rs 7300 crores will be taken up in Bengaluru, he said the Bengaluru Water Supply and Sewage Board will provide Cauvery water to 110 villages newly added to Bruhat Bengaluru Mahanagara Palike (the city civic body).



Read Also:
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Lucideus Wins 'Best IT Startup Of India' Award


Source: PTI
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