Structured collaboration, policies positioning Karnataka as epicentre of Indias innovation: CM
Speaking at the inauguration of SAP Labs India's new campus at Devanahalli, Siddaramaiah said the new campus is a testament to Karnataka's strengths, tech-savvy talent, world-class infrastructure, and progressive policies that make the state a "magnet for global innovation".
"Karnataka contributes over 8 per cent to India's GDP and leads the nation in IT exports with a 35 per cent share. We are proud to account for over 40 per cent of India's electronics and R&D exports, hosting 500-plus global capability centres, 400-plus R&D labs, and 18,300-plus startups," he said.
Bengaluru, the startup capital of India, is home to over 40 per cent of the nation's unicorns, he said, adding, "this vibrant ecosystem where industry, academia, and government collaborate seamlessly has made Karnataka the epicentre of India's innovation revolution".
The state government is laying the foundation for balanced and decentralised growth across Bengaluru, he pointed out.
Karnataka is deeply committed to fostering a pro-industry and pro-innovation environment, and its policies are paving the way for the next wave of global tech investments.
"Devanahalli is fast emerging as a vibrant hub for technology and economic growth. Our government is committed to transforming Devanahalli into a major technology and innovation cluster with metro connectivity approved in the Karnataka Budget 2025 and suburban rail expected by 2029, " the CM said.
The new SAP Labs campus designed to house 15,000 professionals in the long term will strengthen Karnataka's position as India's innovation workforce engine, he noted.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
15 minutes ago
- Mint
Trump to impose new tariffs on pharmaceuticals in ‘next week or so' — ‘It is going to go to 250%'
US President Donald Trump has announced that new US tariffs on semiconductor and pharmaceutical imports will be imposed 'within the next week or so.' The move is part of the administration's broader strategy to use trade levies to bring manufacturing back to the US and target key economic sectors, PTI reported. In a recent interview on CNBC, Trump outlined his tariff plan. 'We'll be putting an initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country,' he said. The news report said this follows Trump's recent demand that major suppliers of medicines drastically cut costs or face additional, unspecified penalties. The world's largest drugmakers, including Merck & Co. and Eli Lilly & Co., operate scores of manufacturing sites across the globe. Nearly 90% of US biotech companies rely on imported components for at least half of their approved products, according to the Biotechnology Innovation Organization. In addition to imposing tariffs on pharmaceuticals, the president also revealed his plan to target the chip industry by stating, 'We're going to be announcing on semiconductors and chips, which is a separate category.' The Commerce Department has been investigating the semiconductor market since April to set the stage for possible tariffs on an industry that's expected to generate nearly $700 billion in global sales. These levies could lead to a sharp increase in costs for major data centre operators including Microsoft Corp, OpenAI, Meta Platforms Inc and Amazon that plan on investing billions of dollars in advanced semiconductors to propel their artificial intelligence businesses. Unlike some of the administration's previous country-specific tariffs, which have faced court challenges, these new sectoral tariffs have a stronger legal footing. These sectoral tariffs on pharmaceuticals, metals and other industries stem from trade investigations that can last about nine months and are based on national security groups under Section 232 of the Trade Expansion Act. Those so-called reciprocal tariffs are slated to go into effect on Thursday, PTI reported. The Trump administration has already used this authority to impose levies on imports of cars and auto parts as well as steel and aluminum.
Time of India
24 minutes ago
- Time of India
Business outlook: Business confidence index jumps to 149.4 in April-June; NCAER survey flags optimism in sales
India's business sentiment saw a sharp uptick in the April-June quarter, with the Business Confidence Index (BCI) rising to 149.4 from 139.3 in the previous quarter, according to the latest Business Expectations Survey by the National Council of Applied Economic Research (NCAER). The index is built on four key components: expectations of overall economic improvement over the next six months, anticipated improvement in firms' financial positions, views on the present investment climate, and whether capacity utilisation is close to or above optimal levels, PTI reported. NCAER noted that more than 60% of respondents expressed positive views across all four parameters. 'The share of positive responses remained above 60% for each component, and every component exhibited an improving trend compared to the previous quarter,' the think tank said. Optimism around production and domestic demand was particularly strong. Around 78.7% of firms said they expect production to rise in the next six months, while 79.1% anticipated an increase in domestic sales. Export sentiment also strengthened, with 66.5% of respondents expecting a rise in outbound shipments of finished goods. Firms were also more positive about their import requirements, with 54.3% expecting an increase in raw material imports, up from 46.1% in the previous quarter—a sign of expected acceleration in domestic manufacturing activity. Nearly 61% of companies surveyed expected pre-tax profits to rise over the next six months, indicating continued buoyancy in business operations. However, this optimism was not reflected in the labour market outlook. Hiring and wage expectations remained unchanged, suggesting a stagnation in employment sentiment. 'With moderation in costs, firms were more optimistic about the next six months,' said NCAER Professor Bornali Bhandari, who led the survey. The survey, conducted in June, covered 479 companies across six major Indian cities. Stay informed with the latest business news, updates on bank holidays and public holidays .
News18
25 minutes ago
- News18
Lupin Q1 net profit jumps 52 pc to Rs 1,221 cr
Agency: PTI Last Updated: New Delhi, Aug 5 (PTI) Drug maker Lupin on Tuesday posted a 52 per cent year-on-year increase in consolidated profit after tax at Rs 1,221 crore in the June quarter, driven by strong sales in the US and India. The drug maker reported a profit after tax (PAT) of Rs 805 crore in the April-June quarter of last fiscal. Sales rose to Rs 6,164 crore in the first quarter as against Rs 5,514 crore in the year-ago period, Lupin Ltd said in a statement. 'We continue to build strong business momentum, anchored by a robust product portfolio, improved efficiencies, and effective use of assets and investments," Lupin MD Nilesh Gupta said. 'As we begin the year, our sharpened focus on compliance, innovation, and technology positions us to further unlock sustainable growth," he added. India sales for Q1 FY26 stood at Rs 2,089 crore, up 8 per cent from Rs 1,938 crore. PTI MSS HVA view comments First Published: August 05, 2025, 21:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
