Credit and Finance for MSMEs: Karnataka Industries Minister MB Patil, on Sunday, said that the state government of Karnataka plans to create an integrated platform to enable the micro, small and medium enterprises (MSMEs) of the state to get access to all the fintech platforms, according to the report by the Asian News International.
The Minister took to Twitter to share his idea. The tweet quoted. “Through Small steps & Big Leaps, Karnataka will stand by its Job Creators. Industries department will look into creating a Platform to ENABLE industries with access to FinTech companies, to “UNLOCK KARNATAKA’s manufacturing potential. Karnataka has thousands of MSMEs & Large Industries that employ Lakhs of Workers across the state & are the true backbone of the economy.”
He further added that Karnataka has emerged as a fintech hub. “The state of Karnataka has emerged as a fintech hub. Enabling access for MSMEs with fintech companies would further the growth of particular manufacturing industries,” the minister said.
Earlier the Industries Minister said that legal impediments related to the allocation of 300 acres of land to Foxconn were resolved and the land will be handed over to the iPhone manufacturer. He stated this at the State Legislative Assembly of Karnataka while answering a query.
Patil said, “A total of 300 acres will be given to the company in the ITIR spread over Devanahalli and Doddaballapura taluks. The company would invest around Rs 8,500 crore to set up a manufacturing plant. The company can commence construction work immediately after the handing over of the land,” reported ANI.
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Recently, Tata Technologies, a subsidiary of the Tata Group, has proposed opening three Common Engineering Facilities Centers (CEFCs) in Karnataka to support MSMEs in the state, in a Public-Private Partnership (PPP model) with a share of 70-30 (30 per cent contribution of the state). According to a report by the Press Trust of India, the three facilities will require an investment of approximately Rs 2,000 crore, as stated earlier by Karnataka’s Large and Medium Industries Minister M.B. Patil.
According to data from the Commerce Ministry, from October 2019 to March 2023, Karnataka received an FDI inflow worth $44.46 billion, about 23.6 per cent of India’s total FDI inflow for the period.