Bengaluru: In a significant move, the Karnataka government, during the 26th Bengaluru Tech Summit, unveiled its draft policies aimed at fostering growth in the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sectors.
The Karnataka AVGC-XR Policy 3.0 (2023-28) is poised to generate 30,000 jobs over the next five years while establishing the state as a hub for AVGC-XR, emphasising sustainability and inclusivity.
Key highlights of the policy include the formation of a skill advisory committee to collaborate with industry and academia for skill development, the creation of a dedicated AVGC Venture Fund (KITVEN AVGC FUND), and support for early-stage startups in AVGC-XR through financial assistance for marketing, infrastructure, and compliance costs.
Priyank Kharge, Minister for Information Technology & Biotechnology and Rural Development & Panchayat Raj, expressed the government’s commitment to global collaboration and ecosystem development.
Karnataka, already boasting a startup ecosystem valued at nearly $64 billion and ranked 8th in the global startup ecosystem index 2023, continues to be a favoured destination for global companies, securing almost 38% of the total FDI inflows.
In addition to the AVGC-XR policy, the government also introduced a new biotech policy. With the state’s biotech sector reaching $27.1 billion in 2022 and over $200 million invested in biotech R&D, the new policy aims to accelerate sectoral growth by establishing high-tech Biotech clusters (5–10 acres) for manufacturing units, supporting startups and SMEs, and positioning the state as a ‘Global Clinical Trials Hub.’
The biotech policy further offers enticing incentives, including a ₹50,000 per month fellowship for one year for students and professionals pursuing innovative ideas, as well as an investment subsidy of up to ₹10 crore for starting manufacturing units. These initiatives aim to make the biotech sector more attractive for entrepreneurs.
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