Bengaluru Tech Summit: Karnataka gets Rs 1.20 lakh crore investments during Covid, says Deputy CM


Bengaluru: Deputy Chief Minister CN Ashwath Narayan on Friday said Karnataka has attracted more than Rs 1.20 lakh crore investments during the Covid-19 pandemic.

“More than 40 per cent per cent investments have taken place during the pandemic, either from domestic firms or international companies. That amounts to Rs 1.20 lakh crore investments,” he told reporters at the Bengaluru Tech Summit 2020.

The government has set up Karnataka Digital Economy Mission (KDM) to promote the tech sector in Karnataka, and attract investments. The government will soon appoint a chairman to the mission, which will have nine directors, out of whom six will be from the industry. The chief executive will be a professional from the industry, the deputy CM said.

The KDM initiative will help Karnataka to achieve the target of $150 billion in IT exports in the next five years.

The idea of forming this company is to promote over 7,000 startups, e-commerce and other gig economy companies in Karnataka, Narayan said.

Earlier, the startups, e-commerce and other gig economy companies were operating in Karnataka under the ‘Technology Mission’ and governed by three to four government agencies or departments. Now they will come under one roof, he said.

KDM will promote the state as an investment destination. Over the next five years, Karnataka is looking at achieving $300 billion business from the IT/ITeS sectors through KDM.

The government is encouraging investors to invest in tier 2-3 cities, which he said will contribute substantially towards achieving this target.

In due course, the state will also become a $1 trillion economy and contribute significantly towards achieving Prime Minister Narendra Modi’s target of making India a $5 trillion economy by 2025, Narayan said.

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