As the state of Karnataka gears up for elections, political parties are competing to gain the support of voters through various schemes and incentives. Startups have become a buzzword in the state and are attracting the attention of the youth, from college students to experienced professionals. Bengaluru especially is known as the Silicon Valley of India. The Karnataka Congress today released its manifesto, which includes a range of financial assistance and subsidies aimed at supporting startups to woo the youth driven sector.
What are the promises made by the Congress manifesto for startups?
Startups in Karnataka may soon see a range of financial assistance and subsidies with the release of Congress party's manifesto for the upcoming assembly elections. The party has promised a startup fund of Rs 10 crore per constituency, a startup subsidy of up to Rs 25 lakh, and a soft loan of Rs 1 crore at an interest rate of 6%.
It also plans to set up tech parks in Mysuru, Mangalore and Hubbali-Dharwad, which are expected to create one lakh employment opportunities. The manifesto also includes investment of Rs 1.5 lakh crore over the next five years for the completion of irrigation projects in Karnataka, Rs 1.5 lakh crore for modernization of agriculture and Rs 50,000 crore for development of infrastructure in villages.
Financial Assistance for Startups
According to the manifesto released by Congress, the party plans to provide a range of financial assistance options for startups, including startup funds of Rs 10 crore per constituency, a startup subsidy of up to Rs 25 lakh, and a soft loan of Rs 1 crore at an interest rate of 6%. These measures are aimed at promoting entrepreneurship in the state and supporting the growth of new businesses.
Gig Workers Welfare Board
The Congress party has also promised to set up a gig workers welfare board with a Rs 3,000 crore seed money allotment. The policy is expected to ensure a minimum hourly wage for all gig and organised workers in domestic and personal care, logistics, food delivery, e-pharmacy, transportation and other relevant sectors. Rajasthan was the first state to announce a welfare board and separate fund for gig workers.
Investment in Infrastructure
The Congress party promises to invest Rs 50,000 crore for development of infrastructure in villages, and Rs 1.5 lakh crore for the modernisation of agriculture. It also promises to complete pending irrigation projects in Karnataka with an investment of Rs 1.5 lakh crore over the next five years. The party plans to set up tech parks in Mysuru, Mangalore and Hubbali-Dharwad which are expected to create one lakh employment opportunities.
What Are The Other Promises In The Manifesto?
The Congress party also plans to develop world-class fintech innovation hubs and incubation parks in Devanahalli and Davangere. It aims to encourage the use of eco-friendly vehicles and has proposed to provide state GST concessions for electric two-wheelers and three-wheelers within urban areas. Additionally, they have pledged to provide 5,000 new electric buses to BMTC and e-rickshaws to improve first-mile and last-mile connectivity.
Countdown to Assembly Elections in Karnataka Begins
The assembly elections in Karnataka are set to be held on May 10, with counting of votes and declaration of results on May 13. The top contenders this time are the BJP, the Congress, and the Janata Dal (Secular). On Monday, the BJP has released its manifesto with the key highlight being the implementation of the Uniform Civil Code in Karnataka based on the recommendations given by a high-level committee.