Subscription, Ad-Backed Gaming Startups To Get Karnataka VC Funding inc42.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc42.com Daily Mail and Mail on Sunday newspapers.
The Department of Information Technology Biotechnology and Science and Technology, Karnataka and industry body National Association for Software and Service Companies (Nasscom) on Tuesday launched the Karnataka State policy for Engineering, Research and Development (ER&D), approved by the State cabinet. The policy aims to foster innovation and increase multinational ER&D presence in the State by providing subsidies to global organisations looking to establish new R&D facilities or expand existing ones. Under the policy, the Karnataka government will provide certain subsidies to MNC s Indian entities setting up or expanding their global capability centre (GCC) in engineering R&D beyond Bengaluru urban district. These include reimbursement of up to 50 per cent rent, up to Rs 2 crore or Rs 1,666 per employee per month, recruitment assistance of Rs 20 lakh, investment subsidy equal to 20 per cent of investment up to Rs 2 crore.