Considering leaving your job to start a business? Karnataka will provide Rs 25,000 per month, says Priyank Kharge
The Karnataka government is offering a one-year subsidy of Rs 25,000 per month to those who have quit their jobs to follow their entrepreneurial dreams.
At the Startup Conclave in Bengaluru on August 9, Karnataka IT-BT Minister Priyank Kharge announced, “We are about to launch a unique entrepreneurship program, potentially the first of its kind in the country. If someone leaves their job to become an entrepreneur, we will provide a stipend of Rs 25,000 per month for a year. While this amount may seem modest given the high inflation, it will at least cover domestic expenses.
Kharge referred to the Karnataka government’s Elevate program as “the most-loved scheme for startups.” in order to emphasize its achievements.
“Startups registered with the Karnataka government that have participated in and won the Elevate program will find the Karnataka government as their initial customer,” said Kharge.
Karnataka Chief Minister Siddaramaiah launched the Rajiv Gandhi Entrepreneurship Programme (RGEP) in the budget for 2024–2025 for aspiring young inventors and entrepreneurs. The IT-BT department claims that young entrepreneurs with a background in science or engineering are the target audience for RGEP. For a duration of 12 months, they would earn a monthly stipend of Rs 25,000 in addition to mentorship from K-tech innovation hubs.
According to Kharge, a lot of business owners from other states have also registered their companies in Karnataka in order to participate in this encouraging ecosystem. “Bengaluru did not emerge as the fourth-largest technological center in the world by accident. We changed throughout time, going from being mainly a center for back office functions and IT-enabled services to becoming a pioneer in R&D. This development has spurred important discoveries and technologies. Karnataka leads the state in service exports and is ranked first in the Innovation Index, according to Kharge.
The minister announced plans to develop sector-specific corridors for startups, including an AI corridor linking San Francisco with Bengaluru. “We have also launched the Global Innovation Alliance with 32 countries, creating dedicated corridors for startups registered with the Karnataka government to facilitate their market access internationally. For example, Bengaluru-based startups have already established operations in Germany, Australia, and Belgium. No other state government is taking such risks for startups. We are actively pursuing this, and, more importantly, we offer substantial opportunities,” said Kharge.
“The Startup Conclave’s theme is ‘Persist, Reset, and Rebuild,’ and the Karnataka government is fully aligned with this vision. We are committed to maintaining our policies, willing to adjust them to support businesses and create jobs, and prepared to rebuild as needed. Our objective is to foster an environment where everyone has the chance to become an entrepreneur,” said Kharge.
According to Kharge, Karnataka’s state government hosts more conclaves than any other. The Bengaluru Tech Summit, Social Innovation Summit, Urban Solutions Summit, Clean Water Summit, and Circular Economy Summit are scheduled to take place by November. These summits will center on actual issues that the administration is facing. We are searching for innovators, similar to startups, that are willing to take on the issues set out by the government, whether they involve solid waste management, mobility, water portability, or process automation in governance.
Kharge also mentioned that the public procurement policy is aimed at making the government the first client for startups in disruptive technologies. “If we identify a promising solution, we will fund the startups and provide them with a government pilot project. No other state government offers such a complete 360-degree support system for startups.”
