Karnataka has set an ambitious 3X growth mandate for the technology sector, its flagship industry that launched the State on the global tech map.
The State wants to grow its tech business to a $150 billion industry in the next four to five years from over $50 bn currently, to help the country achieve its target of $1 trillion digital economy. Karnataka currently accounts for over 40% of the country’s total tech industry pegged in the excess of $160 bn.
In an exclusive interaction with The Hindu , C. N. Ashwath Narayan, Deputy Chief Minister and Minister of IT, BT, S&T, said: “We have set a target to grow our tech business to a $150 bn industry in the next four to five years. The government will introduce several initiatives to boost the industry and take it to the next level of growth.”'
He said the government was committed to adapting to changing dynamics of the industry in terms of providing better framework and developing supportive regulations. “We are developing a new legal framework for innovation as some of the existing regulations are not supportive of startup innovation mostly in the fintech and AI areas. We want to remove these bottlenecks with fresh regulations that support innovation in the State. The government has already passed an ordinance to this end,” he added.
The Deputy Chief Minister said his government was currently in the process of understanding the concerns of the industry before it introduced new policies and legal frameworks.
On the people front, he said,to create a pipeline of talent with digital skills, the State government had roped in 30 educational institutions, who in turn would collaborate with accelerators and corporates in skill development for Artificial Intelligence, machine learning, data sciences, analytics, and Internet of Things.
As per Mr. Narayan, the State will also set up a Technology Development Board to support GIC and R&D ecosystems in Karnataka. Interestingly, Bengaluru alone houses almost 1,400 Global Capability Centres of MNCs in addition to hundreds of R&D outfits.
“Technology Development Board is currently a plan in the working. We are yet to finalise further details such as its role and how it is going to support GICs and R&D outfits,” he said.
A Technology Development Board was set up in 1995 as a statutory body under the Government of India to promote development and commercialisation of indigenous technology and adaptation of imported technology for much wider application. Most likely, the proposed Technology Development Board in Karnataka will be constituted on similar lines to help boost GICs and R&Ds here.
The State’s annual IT exposition, Bengaluru Tech Summit, will begin on November 18 and is expected to attract global speakers from 20 countries, in addtion to 200 company participants.
