Karnataka is a global innovation and startup hub with more than 400+ global R&D centers and 4000+ startups in Bangalore. It ranks 1st in NITI Aayog’s India Innovation Index, and the 3rd highest number of startups globally are located in Bangalore.
Karnataka is located in the south of India. It is surrounded by the Arabian Sea on the west, Goa on the northwest, Maharashtra on the north, Andhra Pradesh on the east, Tamil Nadu on the southeast, and Kerala on the southwest.
At current prices, Karnataka’s gross state domestic product (GSDP) is projected to be ~Rs. 18.85 trillion (US$ 243.56 billion) in 2022-23. The state’s GSDP increased at a CAGR of 8.79% between 2015-16 and 2022-23.
In FY22 (until February 2022), the state’s total exports stood at US$ 22.83 billion. In overall exports, sectors such as petroleum products, iron & steel and organic chemicals were the key contributors.
Karnataka has vibrant automobile, agro, aerospace, textile and garment, biotech, and heavy engineering industries. The state has sector specific Special Economic Zone (SEZs) for key industries such as IT, biotechnology, engineering, food processing and aerospace. Karnataka is the IT hub of India & home to the fourth-largest technology cluster in the world. It has 34 operational SEZs, as of October 2020.
Karnataka boasts of a diverse flora and fauna and a 320 km natural coastline, which makes it a nature tourist's paradise.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-December 2021, cumulative FDI inflows in Karnataka reached US$ 29.21 billion, the second-highest in India after Maharashtra, and accounted for 23.06% of India’s cumulative FDI inflows.
Karnataka offers a Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy 2020-25, with simplified procedures for investment. Through the ESDM Policy 2017-22, the Government of Karnataka plans to facilitate, promote and develop the ESDM sector in Karnataka and make the state a preferred destination for investment in this sector. In September 2017, the government of Karnataka passed the ‘Karnataka Electric Vehicle and Energy Storage Policy 2017’. In June 2021, the Karnataka government amended the policy to offer more impetus to the electric mobility sector. As per the amendment, a 15% subsidy was announced on capital expenditure on land value (fixed value assets up to a maximum limit of 50 acres land).
Dr. Harsh Vardhan, Union Minister for Health and Family Welfare inaugurated six new ‘Outreach Service Centres for Communication Disorders' across the country by All India Institute of Speech and Hearing (AIISH), Mysuru.