Rs 25 cr to be granted for Mangaluru industrial cluster in Karnataka

Karnataka Minister for IT, BT and Higher Education Ashwath Narayan said the government is keen on establishing at least 50 fintech companies in the Mangaluru cluster

The Karnataka government will release a seed capital of Rs 25 crore for setting up an industrial cluster in the city, state Minister for IT, BT and Higher Education Ashwath Narayan said on Saturday.

The government will also establish a two-lakh square feet 'Mangaluru Innovation Hub' through Karnataka State Electronics Development Corporation (KEONICS), 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).

The minister said 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 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. This will give a big boost to the government's plan to achieve USD 500 billion business turnover by 2030 from these companies, Narayan said.

"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.

State BJP president and local MP Nalin Kumar Kateel, MLA Vedavyasa Kamath, MLC Manjunath Bhandari were among those who attended the function.

IT/BT department additional chief secretary E V Ramana Reddy, industrialist Mohandas Pai, KDEM president B V Naidu, Start-Up Vision Group chairman Prashant Prakash and IT department director Dr Shivashankar were also present.

The minister later inaugurated the Mangalore University-affiliated college at Bannadka in Moodbidri in the presence of the varsity's vice chancellor Professor Subramanya Yadapadithaya.