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The Karnataka Cabinet has approved amendments to the Karnataka Start-up Policy 2015-2020. “The amendments are mainly to incorporate certain conditions from the Centre’s start-up policy such as higher turnover limit and year of limit,” Krishna Byre Gowda, Minister for Rural Development and Panchayat Raj Department, said while briefing reporters after the Cabinet meet on Friday night.
According to the amendments, the policy now allows a turnover limit of Rs 100 crore. Earlier, it could not exceed Rs 50 crore. The Cabinet also approved a 10-year clause for an entity to be considered a start-up. Earlier, to be considered a start-up it should not have exceeded four years from incorporation.
Reacting to the changes made to the Karnataka Start-up Policy 2015-2020, Priyank Kharge, Minister for Social Welfare, who piloted the start-up policy when he was minister for IT and Tourism in the previous government, tweeted: “Good news for start-ups, State Govt has broadened the definition of a start-up to inspire more innovations in the state. Entities that will now be considered as a start-up - upto 10 years from incorporation - turnover of start-up should be within 100 crore.”
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