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India a haven for investors now, has shed red tapeism

The 25th edition of the Bengaluru Tech Summit kicked off on November 16, with the PM, Narendra Modi’s address via video message.

The Prime Minister emphasized that India is no more a place known for red tape. It is known for red carpet for investors. “Whether it is FDI reforms, or liberalisation of drone rules, steps in the semiconductor sector, the production incentive schemes in various sectors, or the rise of ease of doing business, India has many excellent factors coming together,” he said. The Prime Minister concluded by an appeal, “your investment and our innovation can do wonders. Your trust and our tech talent can make things happen. I invite you all to work with us as we lead the world in solving its problems.”

Chief Minister Basavaraj Bommai announced that six new high-tech cities would be built in Karnataka and a startup park would be built near Kempegowda International Airport to encourage the startup ecosystem. Bommai also released the Karnataka Research Development and Innovation Policy, which aims to provide support for a robust and well-connected ecosystem and easy access to a skilled talent base, grassroot innovators, support for university-based cutting-edge research, and researching enterprises for cooperation between industry and science and for innovative business startups.

Ajay Gopalswamy, CEO of DiFACTO Robotics and Automation, has called for setting up a National Robotics Association of India on the lines of Nasscom to set standards and safety norms besides giving innovation a boost. He said robotics should become the future of manufacturing in India and set a target of making 100,000 robots by 2030 in the country.

Dr C N Aswath Narayan, Minister of Higher Education, Information Technology & Biotechnology and Science & Technology in the Government of Karnataka, said various electronic companies had evinced interest in putting up their production units at a cost of Rs 36,804 crore in various parts of the state. The government has set an ambitious target of achieving a target of $300 billion in IT and BT exports by 2025 from the present $135 billion. Karnataka is emerging as a hub for semiconductor design and has attracted investments worth Rs 22,900 crore in the semiconductor industry.
TVJ Bureau

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