Karnataka's role to be much bigger in shaping $5 tn economy: CM Bommai

Karnataka Chief Minister Basavaraj Bommai on Sunday exuded confidence that the role of the State would be significant in leading the country to a five-trillion USD economy.

"Karnataka's role will be much bigger in shaping the New India and a new economy of five trillion USD in the coming years," Bommai said in his address on the occasion of National Startups Day today.

The Chief Minister said the country had only 500 startups in 2016, which increased to 54,000 due to the efforts of a visionary leader like Prime Minister Narendra Modi, who launched the programme Startup India.

Speaking about Karnataka, Bommai said the State is the most preferred destination for the startups as it provides opportunities for the new ventures to grow and flourish.

"Karnataka is the hub of IT-BT based startups in the country. Of the 54,000 startups nationwide, over 13,000 are in Karnataka alone," Bommai said.

Explaining the measures taken by his government, Bommai said the State is helping in the best possible manner the startups by creating a positive eco system.

Further, there is a startup cell in the State and programmes like Elevate-100, Elevate-Unnati, Elevate-75 and Elevate-25 are aimed at giving fillip to the new ventures, said the Chief Minister.

He added that about 450 startups are getting about Rs 220 crore as government aid.

Bommai said the Beyond Bengaluru policy for industrial growth in other parts of Karnataka and a robust research and development policy helped many multinational companies have their R&D centres in Bengaluru and other parts of the State.