Karnataka offers extensive incentives in its proposed IT policy
Bengaluru (PTI): Karnataka has proposed a new Information Technology Policy for 2025–2030, offering extensive financial and non-financial incentives aimed at accelerating investments, strengthening innovation and expanding the state's tech footprint beyond Bengaluru.
The Karnataka Cabinet gave its nod to the policy 2025–2030 with an outlay of Rs 445.50 crore on Thursday after the Finance Department accorded its approval.
The policy introduces 16 incentives across five enabler categories, nine of which are entirely new, with a distinctive push to support companies setting up or expanding in emerging cities.
Alongside financial support, the government is also offering labour-law relaxations, round-the-clock operational permissions and industry-ready human capital programmes to make Karnataka a globally competitive 'AI-native' destination.
According to the policy, units located outside Bengaluru will gain access to a wide suite of benefits, including research and development and IP creation incentives, internship reimbursements, talent relocation support and recruitment assistance.
The benefits also include EPF reimbursement, faculty development support, rental assistance, certification subsidies, electricity tariff rebates, property tax reimbursement, telecom infrastructure support, and assistance for events and conferences.
Bengaluru Urban will receive a focused set of six research and development and talent-oriented incentives, while Indian Global Capability Centres (GCCs) operating in the state will be brought under the incentive net.
Incentive caps and eligibility thresholds have been raised, and the policy prioritises growth-focused investments for both new and expanding units.
Beyond incentives, the government focuses on infrastructure and innovation interventions.
A flagship proposal in the policy is the creation of Techniverse -- integrated, technology-enabled enclaves developed through a public-private partnership model inside future Global Innovation Districts.
These campuses will offer plug-and-play facilities, artificial intelligence and machine learning and cybersecurity labs, advanced testbeds, experience centres, and disaster-resistant command centres.
There will also be a Statewide Digital Hub Grid and a Global Test Bed Infrastructure Network, linking public and private research and development, and innovation facilities across Karnataka.
The government has proposed a Women Global Tech Missions Fellowship for 1,000 mid-career women technologists, an IT Talent Return Programme to absorb experienced professionals returning from abroad, and broad-based skill and faculty development reimbursements.
Shared corporate transport routes in Bengaluru and tier-two cities will be designed with Bengaluru Metropolitan Transport Corporation and other transport entities to support worker mobility.
The government said the policy is the outcome of an extensive research and consultation process involving TCS, Infosys, Wipro, IBM, HCL, Tech Mahindra, Cognizant, HP, Google, Accenture and NASSCOM, along with sector experts and stakeholder groups.
It estimates an outlay of Rs 967.12 crore over five years, comprising Rs 754.62 crore for incentives and Rs 212.50 crore for interventions such as Techniverse campuses, digital grid development, global outreach missions and talent programmes.
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CBI registers fresh case against Reliance Communications, Anil Ambani
New Delhi (PTI): The CBI on Wednesday registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd for allegedly causing a loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India, officials said.
The CBI has filed the case for the alleged offences of conspiracy, cheating and misappropriation and under the provisions of the Prevention of Corruption Act on a complaint from the LIC, making it the fourth case against the company and Anil Ambani, they said.
The agency has alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs. 4500 crore between 2009 and 2012 on the basis of false representations made by Reliance Communications Ltd. and its management regarding the financial health of the company, and security and asset cover offered to LIC while subscribing to the NCDs.
The insurer suffered a loss of over Rs 3,750 crore and ordered a forensic audit against the company.
The forensic audit report dated October 15, 2020, conducted by BDO India LLP, reported that RCOM and its management had resorted to misutilisation of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits/shell related entities, creating and write-off of fictitious debtors and receivables and gross overstatement of security.
It said there was a mismatch between the charges and the assets.
