Minister Ashwathnarayan Says State Govt Aspires To Make Karnataka 'Hub For Indian Startups'
Karnataka Minister for Science and Technology Ashwathnarayan CN stated that the state government aspires to make Karnataka the startup hub of India in order to support innovative indigenous businesses. The minister made the statement virtually at the 16th edition of the Indian Electronics and Semiconductor Association (IESA) Vision Summit-2021 on the topic “India's Accelerated Electronics System Development and Maintenance (ESDM) Growth-The Defining Decade”.
ESDM sector in the country which is predicted to reach the US $220 billion by 2025 has the potential to create 1,000 start-ups, 10,000 IPs (intellectual properties), and 10 lakh jobs,” the Minister said.
“Electronics production has the potential to generate around 1Cr jobs by2050. Numerous domains and sectors in India such as Agritech, Medical devices, Telemedicine, Industry 4.0, Consumer electronics, Space and Defence are dependent on the way Indian Electronics Industry Flourishes”, Narayana explained.
Ashwathnarayan CN went on to say that India’s electronics sector is worth more than $300 billion and that the country’s portion of global electronics manufacturing has been steadily increasing since 2012 (from around 1.3 per cent in 2012 to around 3 per cent in 2018). The State Minister went on to say that the Indian government is working on a number of policy initiatives and that he believes there will be a push to manufacture Silicon and Compound Semiconductor Chips in the nation. He said that the state government has sector-specific policies such as Engineering Research and Development Policy, Karnatka Digital Economy Mission (KDEM), Beyond Bengaluru, and others in order to create a proper ecosystem.
The IESA represents the ESDM and Intelligent Electronics industries and promotes the ESDM and electronics business segment in India. The IESA assists in the development of policies and incentives for the ESDM industry in order to encourage foreign investment into India.