by admin | May 25, 2021 | Corporate, Corporate Governance, Entrepreneurship, Startup Basics
Bengaluru : Karnataka will soon set up an innovation authority to empower start-ups for the ease of doing business, said Chief Minister H.D. Kumaraswamy on Thursday.
“The Karnataka Innovation Authority (KIA) will be set up through a law with powers to overcome legal hurdles the start-ups face in innovating technologies and ideas,” Kumaraswamy said, inaugurating the 21st edition of the Bengaluru Tech Summit 2018 in the state capital.
The innivation authority will be headed by the Chief Minister.
“We are also setting up a legal framework to protect Intellectual Property (IP). A blockchain-based IP registry will be formed to protect smart ideas for commercialising them,” said Kumaraswamy.
Asserting that the JD-S-Congress coalition government was backing the IT industry to ensure its innovation thrives in the southern state, retaining its leadership in the transformation of the country through digitization.
“The state government is also granting seed capital up to Rs 50 lakh to each start-up with innovative ideas to provide socio-economic solutions to the people, facing several challenges,” the chief minister told the gathering of industry leaders, executives, geeks, officials and entrepreneurs.
Kumaraswamy, who also holds the finance portfolio, provided Rs 16 crore in the state budget for the fiscal 2018-19 after coming to power in May.
The state government has also set up the Accelerated Assisted Elevate for the starts-ups in backward areas, including the Hyderabad-Karnataka region in the state’s northern parts, about 500km from Bengaluru.
About 10 start-ups from the old region were selected for funding them this year.
“As innovation and entrepreneurship will be the driving forces, we have set up 58 K-Tech Innovation Centres across the state to encourage and nurture innovations in the farm sector,” said Kumaraswamy.
Technology sharing and promoting joint research projects are key strategies being adopted to engage with the leading innovation ecosystems.
“We have set up a framework for innovation engagements with global leaders to ensure a strategic approach to developing and leveraging our international partnerships,a added Kumaraswamy.
As designing will be the engine of growth, a Centre of Excellence for designing technology products will be set up in Bengaluru.
The state government is also forming global innovation alliances with countries developing the eco-system for innovation and entrepreneurship.
Bengaluru is ranked 20th among the world’s innovation cities.
—IANS
by admin | May 25, 2021 | Corporate, Corporate finance, Corporate Governance, Economy, Finance, News, Politics
Bengaluru : Karnataka on Thursday waived farm loans totalling Rs 34,000 crore, giving relief to distressed farmers across the state.
“I propose to waive farm loans totalling Rs 34,000 crore, with Rs 2 lakh per farmer family,” Chief Minister H.D. Kumaraswamy announced in the Assembly while presenting his maiden state budget for fiscal 2018-19.
“All crop loans defaulted by farmers to December 31, 2017 are waived in the first stage. Only loans borrowed from district cooperative banks and state cooperatives are waived in the first stage.”
The budget has also proposed to allot Rs 6,500 crore to enable farmers avail new loans after they submit a clearance certificate from the department concerned that their loan arrears have been waived.
“All crop loans defaulted up to December 2017 are waived in the first stage. Farmers who repaid loans within the stipulated time will be entitled to fresh credit up to Rs 25,000 or repaid amount, whichever is less,” the Chief Minister said.
The budget, however, proposes to tax people by increasing petrol price by Rs 1.14 per litre and diesel Rs 1.12 per litre.
“I also propose to increase excise duty on Indian made foreign liquor by 4 per cent to raise additional revenue for meeting the budget expenditure,” Kumaraswamy said.
Power tariff will also be increased by 20 paise per unit.
Assuring the legislators and the people that his coalition government would continue the flagship programmes of the previous Congress government, Kumaraswamy told the legislators that the overall size of the state budget would be Rs 2,13,734 crore.
Under the free Annabhagya (rice) scheme, the quantity of rice for free distribution has been cut to 5 kg from 7 kg per individual per month.
“I propose to allocate Rs 150 crore for agriculture development based on Israel mode. We will focus on agriculture as well as the services sector,” the Chief Minister said.
The budget has earmarked Rs 50 crore for natural farming on the lines of Andhra Pradesh for higher yields and better price.
As Kumaraswamy holds the finance portfolio, he decided to present a full budget of the Janata Dal-Secular-Congress government.
For key sectors like education, the allocation is Rs 26,581 crore, water resources Rs 18,142 crore, urban development Rs 17,727 crore, energy Rs 14,499 crore, social welfare Rs 14,123 crore and Public Works Department (PWD) 10,200 crore.
—IANS
by admin | May 25, 2021 | News, Politics
H.D. Kumaraswamy
Bengaluru : Settling speculation over the nature of the state budget for fiscal 2018-19, Karnataka Chief Minister H.D. Kumaraswamy has said that he will present a full budget in July.
“I will present a full budget in July first week,” Kumaraswamy told reporters on Tuesday at the Press Club in his maiden press conference after assuming office on May 23.
He said Congress President Rahul Gandhi had agreed to his proposal for a full-fledged budget with suggestions from the two allies.
“When I discussed the issue with Gandhi in New Delhi, he asked me to go ahead with a full budget and not to worry about what others may say,” Kumaraswamy said.
His clarification came two days after former Congress Chief Minister Siddaramaiah told the media that Kumaraswamy need not present a full budget as he had already presented a budget for the fiscal in February ahead of the May 12 Assembly election.
Downplaying Siddaramaiah’s statement, Kumaraswamy said a new government had every right to present its own budget based on its poll manifesto and in the interests of the people.
“Though our party (JD-S) did not get majority to implement our poll manifesto, especially farm loans, we are committed to fulfilling as many needs of the people, especially farmers, the poor, downtrodden and women,” he said.
The coordination committee of the alliance partners has decided to draft a common minimum programme containing promises they made to the people prior to the election.
As the Congress had agreed to support the Janata Dal-Secular in forming the third coalition government in the state over a decade later, the Chief Minister said he was not only committed to continue many of the social welfare schemes of the previous government but also flag new programmes that were common to both the parties.
Meanwhile, a JD-S leader told IANS that “every newly elected government is entitled to present its own budget at the state and central level in a democratic set-up like ours to reflect the aspirations and expectations of the people across the state or country”.
The Chief Minister also got Gandhi’s approval to waive loans of farmers with interest that were borrowed from state cooperative banks, rural, regional and state-run banks.
“The Chief Minister plans to announce the waiver as part of the budget proposals in the monsoon session of the Assembly next month,” added the leader.
—IANS
