Reportedly the Karnataka government will set up an Innovation Authority and a vision group for startups, Deputy Chief Minister CN Ashwath Narayan said addressing officials from the Information technology (IT) and Biotechnology (BT) department and senior executives in IT and BT companies at an event in Bengaluru on Thursday.
Ashwath Narayan said "The Government of Karnataka will establish a 'Legal Framework for Innovation' with the aim to encourage new and emerging technologies in the state". Meanwhile a Vision Group will also be created for startups in the state which will involve industrialists and academicians. Furthermore Ashwath Narayan added "We are working on a draft bill which proposes to establish a mechanism for the creation of regulatory sandboxes in Karnataka, which will broadly describe a set of conditions under which innovative technologies can be tested in a controlled testing environment by relaxing regulatory requirements".
Moreover BS Yeddyurappa said that the state government will urge companies to make investments in places other than Bengaluru like Mysuru, Mangaluru, Hubballi-Dharwad, Shivamogga and Belagavi. Yeddyurappa said "The policy will focus on attracting investments and generating employment in Tier-2 and Tier-3 cities". Perhaps the idea for setting up an Innovation Authority was earlier brought up during former Chief Minister HD Kumaraswamy's tenure in 2018 but it did not come to fruition.
Did YSRCP Government failed to prove insider-trading allegations in Amravati? One of the major allegations made by YSRCP before 2019 election on TDP is Insider Trading in Amravati Capital Region. YSRCP leaders have committed on same even after they came into power in 2019 elections.
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