As rightly said by the honorable Finance Minister, start-ups are the drivers of growth for India’s economy, and over the past few years, the country has seen a manifold increase in successful start-ups. The Budget 2022 proposed a big boost for start-ups, with the existing tax benefits for businesses, which were offered redemption of taxes for three consecutive years, has been extended by one more year till March 31, 2023.
We appreciate the push to facilitate the use of ‘Drone Shakti’ through varied applications and for Drone-As-A-Service (DrAAS). The government’s motion for a fund, raised under the co-investment model, will help and facilitate NABARD to finance start-ups for agriculture and rural enterprise relevant for the farm produce value chain.
The government has allocated Rs 6,000 crore for a programme to rate MSMEs, it will be rolled out over the next 5 years. MSMEs such as Udyam, e-shram, NCS & Aseem portals will be interlinked, and their scope will be widened. These services will relate to credit facilitation, skilling, and recruitment with an aim to further formalize the economy and enhance entrepreneurial opportunities for all. The government’s aim to set up an expert committee to suggest measures to help attract investment complements the sector’s focus of attracting large investments and putting the start-up sector on the global map.
As a leading start-up state, our goal is to speed up the growth and investment in Karnataka’s IT, BT, and S&T sectors. Our vision is deeply engraved with the country’s aim of becoming a five trillion-dollar economy by 2025. With the benefits and schemes announced for the start-up sector in the budget 2022 announcement, we see and will push for a positive growth trajectory for the sector.
About Karnataka Digital Economy Mission (KDEM)
With an objective to increase the share of the Digital economy in the state, the Government of Karnataka set up the Karnataka Digital Economy Mission (KDEM), a Section-8 organization, which acts as a knowledge bridge between the industry and the government. To meet the objectives, KDEM has been working towards the five focus areas, viz. IT Products & Services, BPM & GCC promotion; Innovations & Start-ups; ESDM; Beyond Bengaluru; and Talent Accelerator.
