With the Karnataka elections less than a week away, the Bharatiya Janata Party (BJP) has unveiled its manifesto with a host of promises to lure voters. The document promises a Rs 5,000-crore fund of funds (FoF) for startups in various sectors such as petrochemicals, food processing, space tourism, and electric vehicles. The funds will be utilized to invest in various kinds of mutual funds. Karnataka, with its capital city of Bengaluru, is one of the leading states in India in terms of the number of startups and funding. The state government’s action plan aims to increase the number of startups in the state from 2,955 to 10,000 by 2032.
Fund of Funds for Karnataka Startups
The BJP’s manifesto promises a fund of funds worth Rs 5,000 crore for startups in sunrise sectors. The FoF is a mutual fund that pools resources to invest in various types of mutual funds. The move is aimed at increasing funding options for startups and providing them with the necessary support to grow and succeed. The party has promised to incentivize the EV sector startups and develop an EV city on the outskirts of Bengaluru.
Developing an EV Hub
The BJP has also pledged to transform Karnataka into a premier hub for electric vehicles under mission connect Karnataka. The party plans to exempt registration fees and road taxes for EV purchases, incentivize EV startups, and convert a part of the Bengaluru Metropolitan Transport Corporation bus fleet to electric vehicles. The move is aimed at promoting the adoption of EVs and reducing the state’s carbon footprint.
Increasing the Number of Startups
The Karnataka government has emphasized increasing the number of startups outside Bengaluru to 10,000 by 2032. The action plan has been prepared by the Department of Planning, program monitoring and Statistics, and the Federation of Indian Chambers of Commerce and Industry. The move is aimed at making Karnataka a $1 trillion economy by 2032. The state government’s action plan for the development of startups outside Bengaluru includes the establishment of incubators, seed funding, and tax exemptions.
Karnataka Elections: BJP’s Election Promises
The BJP’s manifesto promises to transform Karnataka into a premier hub for electric vehicles and provide the necessary support for startups in sunrise sectors. The party has also promised to incentivize the EV sector startups and develop an EV city on the outskirts of Bengaluru. The BJP has also pledged to develop the necessary infrastructure to promote startups in the state and increase the number of startups outside Bengaluru.
The BJP, seeking a second successive term, is hoping to win the Karnataka elections with its manifesto promises. The party faces stiff competition from the Congress and the Janata Dal (Secular). Karnataka is the only southern state where the BJP is in power. The state votes on May 10, and the result will be declared on May 13.
The BJP’s manifesto promises a Rs 5,000-crore fund of funds for startups in sunrise sectors and the necessary infrastructure to support the growth of startups in the state. The party’s emphasis on electric vehicles and the development of an EV city is aimed at promoting the adoption of clean energy and reducing the state’s carbon footprint. With the elections less than a week away, the BJP is hoping to win a second successive term with its promises to promote the growth of startups in the state.