Karnataka shifting its focus to product development: CM

He announces setting up of innovation authority

Innovation in science and technology has always been one of the major driving forces of Karnataka’s economy, and the State is trying to position itself as an innovation hub by gradually shifting its focus from services to product development, said Chief Minister B.S. Yediyurappa.

Opening the 22nd edition of the State’s annual tech extravaganza, Bengaluru Tech Summit, here on Monday, the Chief Minister said given numerous favourable factors such as a proactive government, industry-friendly laws, talent pool of highly skilled professionals and a cosmopolitan lifestyle in Bengaluru, Karnataka should emerge as the most preferred destination for global tech firms, startups and researchers.

Regulatory sandboxes

“After taking over as the Chief Minister, I had an occasion to interact with industry leaders. I had promised the industry that a legal framework for promoting innovation would be established through an independent body. I am happy to inform you that the government has recently set up the Karnataka Innovation Authority,” he announced while addressing a packed house of CEOs, entrepreneurs and tech enthusiasts.

The authority, headed by the Chief Minister, will sanction the setting up of regulatory sandboxes and will have powers to exempt or relax provisions of any law enacted by the State legislature so as to promote innovation.

Bengaluru Tech Summit is an ideal platform for exchange of ideas, knowledge and technologies. The event would provide right inputs to chart the way forward for technology-enabled growth of the State. It is also a forum for knowledge exchange and networking with the thought leaders and global influencers, he said.

Most innovative State

Recently, Karnataka topped the first-ever innovation ranking of States by Niti Aayog by becoming the most innovative State in the country.

Bengaluru has been widely cited as one of the fastest growing technology hubs and startup capitals in the world. The city was ranked the 11th best global Startup ecosystem as per the ‘Startup Blink Startup ecosystem Rankings Report 2019’.

Over 250 exhibitors, 3,500 delegates, 200 speakers are participating in the three-day expo. Each day, the expo is expected to receive 12,000 visitors, as per the government estimates.

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Printable version | Jul 9, 2020 7:11:53 AM |

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