Published on: December 23, 2024
Karnataka IT Policy 2020-2025
Karnataka IT Policy 2020-2025
Vision and Objectives
- Transform Karnataka into a sustainable growth ecosystem with global capabilities in:
- Innovation
- Research & Development (R&D)
- Advanced Manufacturing
- Focus on allied sectors:
- MSMEs
- Startups
- Fintech
- Key goals include:
- Improving industry infrastructure
- Promoting upskilling and technology transfer
- Benchmarking policies and processes
- Increasing capital infusion
Strategies for Implementation
- Strategic partnerships to enhance R&D capabilities.
- Promoting economic growth in Tier-II and Tier-III cities.
- Labour reforms to improve workforce efficiency.
- Attracting investments for:
- Factory creation
- Development of state-of-the-art industrial parks
Expected Outcomes
- Proposed investment target: US$ 68 billion.
- Achieve an annual industrial growth rate of 10%.
- Employment generation:
- 20 lakh direct and indirect jobs.
- Boost to merchandise exports over five years.
Indian IT and Fintech Ecosystems
IT Sector Growth
- Projected sectoral growth rate by NASSCOM: 7.7% (2020).
- Export value: US$ 191 billion (2020).
- Contributing factors:
- Proliferation of Special Economic Zones (SEZs).
- Availability of quality talent.
- Rise of Tier-II and Tier-III cities as IT hubs.
- Support from Digital India initiatives.
Fintech Sector Growth
- Projected growth: US$ 13 billion (2020) by ASSOCHAM.
- Software market share: US$ 2.4 billion.
- Key areas of focus:
- Enhancing cybersecurity and communication in digital payments.
- Integration of emerging technologies:
- Artificial Intelligence (AI)
- Analytics
- API integrations and cashless transactions.
Future Potential and Global Investment Attractiveness
- Indian IT/ITeS and Fintech sectors poised for exponential growth.
- Radical, future-forward policies to enhance:
- Innovation
- Economic competitiveness
- Global investment appeal