Karnataka assured additional incentives for ESDM companies investing in state

Bengaluru: Pitching Karnataka as the preferred destination for investment, Deputy Chief Minister C N Ashwath Narayan on Tuesday assured additional incentives in addition to the central schemes for Electronics System & Design Manufacturing (ESDM).

“We were the first to come out with IT, BT, ESDM and AVGC (Animation, Visual Effects, Gaming and Comics) policies to give push to the growth of the technology sectors and innovation,” he said.

“Besides investor friendly policies of the government, several other factors like salubrious climate, good Law and Order situation, talent pool of highly trained professionals, cosmopolitan social life” make Karnataka the most preferred destination for all foreign majors, he said was quoted as saying in a release from his office.

Earlier, Ashwath Narayan, also in-charge of IT, BT and Science and Technology department, addressed a video conference organised by Invest India for a few select states with leading Electronics System & Design Manufacturing (ESDM) players across the globe.

He assured additional incentives for ESDM besides those extended by the Centre. Noting that Karnataka continued to be the leader in attracting technology specific investments, the DCM said the state contributed 64 per cent to the nations ESDM exports, and it was the largest chip design hub.

Referring to the Karnataka ESDM policy 2017-2022, he said, “we aim to stimulate growth of 2,000 ESDM start-ups during the policy period and create 20 lakh new jobs by 2025.”

Asking investors to make use of “the industrial friendly government” and atmosphere in the state, he said, Karnataka was one of the top three states to attract highest Foreign Direct Investments after Maharashtra and Delhi, and “cumulative FDI inflows in the state from 2000 to 2019 were recorded at USD 42.3 billion.”