CURRENT AFFAIRS

Detailed explanation-1: -– ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups.

Detailed explanation-2: -The Department of IT & BT, Government of Karnataka has announced the Startup Policy 2015-20 vide Government Order no. ITD 27 PRM 2015 dated 27-11-2015. “To give wings to startups in the state through strategic investment & policy interventions leveraging the robust innovation climate in Bengaluru”.

Detailed explanation-3: -The state would provide funding in the form of grant-in-aid (up to INR 50 lakh to be released in tranches) to innovators who may need early stage funding.

Detailed explanation-4: -The government of India introduced the Startup India Seed Fund Scheme on January 16, 2021, for relatively early-stage enterprises. The Indian government allotted a total budget of ₹945 Crores. It was anticipated that it would provide financing to 3600 businesses and 300 incubators.

Detailed explanation-5: -PREAMBLE: In the Budget of FY 2022-23, the following announcement was made in the budget speech:-“ 280. ‘Elevate-Kalyan Karnataka’ will be organized to select 25 Innovative Start-ups in the Kalyana Karnataka region in collaboration with Kalyana Karnataka Region Development Board (KKRDB)."