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The Karnataka Cabinet on Thursday approved the Karnataka Startup Policy 2022-27, which aims at stimulating the growth of 25,000 startups in the state by 2027. Currently the state houses around 15,000 startups.

C.N. Ashwath Narayan, Minister for IT/BT, said that the new policy has a goal to add at least 10,000 startups in the next five years.

The new policy framed by the Department of Electronics, IT, BT and Science and Technology aims to position Karnataka as the champion state' for startups and further increase the number of high-growth startups by 2027, Narayan said.

The policy has dedicated focus on promoting startups in emerging technology clusters 'Beyond Bengaluru' by creating a conducive environment and offering startups an ideal ecosystem for their growth. The policy intends to give impetus to encouraging social entrepreneurship/assistive technology innovations and facilitate innovative technology solutions in social governance sectors to address the existing social challenges in environmental, social and governance (ESG) framework, enabling to meet sustainable development goals (SDGs), the minister said.

"The vision of the policy is to play a vital role in creating an enabling environment across the state for nurturing startups throughout their business lifecycle and make Karnataka a global innovation hub for startups," he said.

The policy based on nine pillars has seven objectives, which include strengthening the infrastructure set up in government institutions and supporting the ecosystem with a greater thrust on emerging clusters 'Beyond Bengaluru'.