Karnataka govt, Nasscom launch ER&D policy to foster innovation in state

50% rent reimbursement, recruitment assistance and investmengt subsidy on anvil for MNCs looking to establish new R&D facilities or expand existing ones

The Department of Information Technology Biotechnology and Science and Technology, Karnataka and industry body National Association for Software and Service Companies (Nasscom) on Tuesday launched the Karnataka State policy for Engineering, Research and Development (ER&D), approved by the State cabinet.

The policy aims to foster innovation and increase multinational ER&D presence in the State by providing subsidies to global organisations looking to establish new R&D facilities or expand existing ones.

Under the policy, the Karnataka government will provide certain subsidies to MNC's Indian entities setting up or expanding their global capability centre (GCC) in engineering R&D beyond Bengaluru urban district. These include