Karnataka State Government approves the formation of the Karnataka Digital Economy Mission.
Karnataka State Government approved the formation of the Karnataka Digital Economy Mission. The Mission was aimed to promote over 7,000 start-ups, e-commerce, and other gig economy companies in the State.
Karnataka Digital Economy Mission:
Karnataka Digital Economy Mission or new company will be incorporated under Section 8 of the Companies Act, 2013 with the Government of Karnataka holding 49% and the remaining 51% by the industries and other stakeholders.
Previously, startups, e-commerce, and gig economy companies operated under a previous technology mission. They were governed by three to four government agencies. Now, after the launch of the Mission, it will be under one roof.
In 2016, the Karnataka government formed a company called ‘Invest Karnataka’ to promote the State as an ideal investment destination. So far, the company has been active in promoting the State globally and is efficiently run jointly by the industry as private partners and the government. The Industries Minister is the Chairman of Invest Karnataka. Karnataka is the first state to form a company under Section 8 which is led by industrialists. Of the nine directors of the company, six are from the industry. The chief executive officer (CEO) will be a professional from the industry.