Mangaluru industrial cluster likely to get ₹25 crore seed capital: K’taka govt

State Minister for IT, BT and Higher Education Ashwath Narayan on 17 December said that the Karnataka government will release a seed capital of 25 crore for setting up an industrial cluster in the city.

Apart from this, the government will also establish a two-lakh square feet ‘Mangaluru Innovation Hub’ through Karnataka State Electronics Development Corporation (KEONICS). This is aimed at encouraging industrial development of coastal districts, he said, addressing the Mangaluru Technovanza organised by the Mangaluru Cluster of Karnataka Digital Economy Mission (KDEM).

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The innovation hub will be established in cooperation with Infosys and other companies, which will cater to the industrial development of Dakshina Kannada, Udupi, Uttara Kannada and Kodagu districts, Narayan said.

The state minister praised the coastal region, especially Dakshina Kannada and Udupi districts, for being the cradle of banking. The region has a suitable, conducive and enterprising environment and the government is keen to develop the Mangaluru region as a fintech hub, he said.

He said the government is keen on establishing at least 50 fintech companies in the Mangaluru cluster, adding, this will give a big boost to the government’s plan to achieve $500 billion business turnover by 2030 from these companies.

“Just as Bengaluru city has become famous as India’s Silicon Valley due to the IT/BT companies, Mangaluru should become Silicon Beach,” he said.

Memoranda of Understanding (MoUs) were signed with several companies and the minister inaugurated the Mangaluru office of payment gateway firm Cashfree.

With PTI inputs.

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