BENGALURU: The Karnataka government's proposed startup policy will have a bonanza of concessions for new entrepreneurs.

From providing exemptions from labour laws to securing them funding, the state government is looking at a comprehensive policy that looks to encourage startups in the state. Essentially a rerun of the IT-BT policy , the proposed startup policy for ventures in the IT-BT sector will provide single window clearance for projects which are up to Rs 100 crore by a panel headed by the IT-BT minister.

On funds for the new internet age companies, IT-BT minister S R Patil said the gov ernment would go for a 50:50 partnership with venture cap talists. “The Karnataka gov ernment will pool Rs 50 crore rom its end, and will secure another Rs 50 crore from ven ure capitalists,“ he said.

The government also in tends to provide incubation centres for startups at the engineering college level by infusing Rs 40 lakh every year for a period of three years to set up these centres. The government has selected nine engineering colleges on a pilot basis for setting up these centres.

