Karnataka to Launch Rs 100 Crore Fund to Identify India’s Top 50 AI Companies

Karnataka's Information Technology Minister, Priyank Kharge, announced a significant initiative to boost artificial intelligence in India. The state plans to launch a Rs 100 crore fund aimed at identifying the country's top 50 AI companies. This announcement was made during the CII INNOVERGE 2025 event, which focused on themes like "Make in India, Developed India & Digital India."

Kharge emphasised Karnataka's role as a leader in global innovation. He highlighted the state's evolution into a major hub for disruptive innovations, spanning sectors from agritech to aerospace. "We are not just an investment destination but the global knowledge and skill capital," he stated. Karnataka boasts 40% of India's R&D talent and hosts 30% of all Global Capability Centres.

Innovation and Growth in Karnataka

The minister also mentioned that Karnataka is home to 48 of India's 110 unicorns, driving the nation's digital economy. The state's ecosystem excels globally in AI skill penetration and R&D output, ranking among the top five AI cities worldwide. Kharge noted that Karnataka is not competing with other states but with itself to create global solutions through innovation and political will.

Kharge introduced the Future Makers track at the upcoming Bengaluru Tech Summit. This initiative will showcase 20,000 startups and launch the Rs 100 crore fund for AI companies. He stressed that Karnataka's growth model is based on People, Policy, and Participation, ensuring inclusivity for all stakeholders from academia to entrepreneurs.

Investment in Regional Innovation Clusters

The state is investing Rs 1,000 crore to develop innovation clusters across Mangaluru, Mysuru, Hubballi-Dharwad, and Belagavi. This investment aims to ensure that growth benefits reach every region. Kharge highlighted that this approach allows every stakeholder to have a voice in shaping growth.

Kris Gopalakrishnan, Chairman of Axilor Ventures and Co-Founder of Infosys Ltd, shared insights at the event. He stressed the importance of integrating research, academia, and industry into a cohesive ecosystem. "We must invest deeply in R&D," he said, advocating for Centres of Excellence that collaborate with industry.

India's Path to Global Innovation Leadership

Gopalakrishnan added that India's innovation journey will accelerate when ideas move seamlessly from lab to market. He emphasised measuring growth not only by economic metrics but also by innovation outcomes. "Our next phase of growth should be measured by creativity and commercial impact," he stated.

The CII INNOVERGE 2025 event set the stage for discussions on harnessing AI and technology for India's vision of Viksit Bharat@100. The focus was on innovation-led growth through strategic partnerships. According to an official statement, this dialogue aims to realise India's potential as a global innovation leader.

With India's demographic strength and digital readiness, Gopalakrishnan believes the country can emerge as a leader in global innovation. However, he stressed that innovation must become a measurable priority for this potential to be realised fully.

With inputs from PTI