Karnataka eyes $300 billion digital economy in next 5 years

News Network

November 19, 2020

Bengaluru, Nov 19: The Karnataka government said on Thursday it is aiming to mould the state into a $300 billion digital economy in the next five years.

It is also targeting to garner 50 per cent market share of India's bio-economy (biotechnology-economy) by 2025.

"One of the key goals of the State is to achieve 50 per cent market share of the national bio-economy target of 100 billion US dollars by the year 2025 and necessary steps have already been taken," Chief Minister B S Yediyurappa said at Bengaluru Tech Summit.

Deputy Chief Minister and the Minister for IT, BT and S&T, C N Ashwath Narayan said, "we will mould Karnataka from the present 52 billion dollar digital economy into a 300 billion dollar digital economy in the next five years."

This would be a strong contribution to the one trillion USD dollar digital economy target set by Prime Minister Narendra Modi, Narayan said.

To realise the goal, the State government has instituted the Karnataka Digital Economy Mission (KDM).

This is a technology mission to further accelerate and promote the growth of the State's digital economy, the Minister said.

"KDM will use the 'Invest India' model to build global linkages for promoting Karnataka's tech industry and enhancing the states brand equity," he said.

"With this initiative, we are targeting revenue of $150 billion in IT exports alone in the next five years," Narayan told the Summit, the State's flagship technology event.

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NRIs push for better air connectivity between Mangaluru and Singapore after AIE setback

News Network

January 13,2025

Mangaluru: Non-Resident Indians (NRIs) in Singapore remain determined to establish direct air connectivity between Mangaluru and Singapore despite setbacks. This follows Air India Express' (AIE) recent decision to postpone its planned direct flight service on this route, disappointing many expats.

In response, NRIs have proposed an alternative solution: extending IndiGo's existing Singapore-Bengaluru flight to Mangaluru. Currently, the Singapore-Bengaluru flight lands at Kempegowda International Airport at 7:40 AM, but passengers cannot board the 9:00 AM Bengaluru-Mangaluru connection due to insufficient transit time. Extending the Singapore-Bengaluru flight to Mangaluru would address this issue and benefit travelers.

Rajesh H. Acharya, director of HQ Connections in Singapore and coordinator of the Singapore Tuluver community, expressed disappointment over AIE's handling of the situation. "We’ve been advocating for this route since 2017, and it was close to becoming a reality. However, the sudden postponement and lack of stakeholder support have delayed our efforts," he said.

A petition has been submitted to IndiGo Airlines requesting the introduction of a direct Mangaluru-Singapore flight. Alternatively, it suggests extending IndiGo’s existing Singapore-Bengaluru flight to include Mangaluru. Expats have also approached Scoot Airlines in Singapore for direct connectivity. However, the lack of 'Point of Call' status for Mangaluru Airport remains a significant hurdle for international flights.

Despite the challenges, NRIs continue their efforts to make direct air connectivity between Mangaluru and Singapore a reality.

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Mangaluru: Mescom proposes multi-year electricity tariff hike

News Network

January 9,2025

Mangaluru: In a significant development, Mescom has proposed a phased electricity tariff hike starting with Rs 0.70 per unit for the fiscal year 2025-26. The proposal has been submitted to the Karnataka Electricity Regulatory Commission (KERC) for approval, signaling a potential increase in electricity costs for consumers.

Mescom emphasized that the current tariff structure is insufficient to meet operational expenses and manage revenue effectively. To address this, the company has invited public objections to the proposed hike.

Currently, the electricity supply cost is Rs 9.23 per unit, while the consumer tariff stands at Rs 8.53 per unit, leading to a shortfall of Rs 0.70 per unit. For the financial year 2023-24, Mescom reported revenue of Rs 5,924.73 crore against an expenditure of Rs 6,310.39 crore, resulting in a deficit of Rs 367.66 crore. For the 2025-26 fiscal year, projected revenue is Rs 5,850.81 crore, with an actual requirement of Rs 5,961.63 crore, creating a deficit of Rs 110.82 crore.

In a first, Mescom has submitted a multi-year tariff revision proposal to KERC. The plan outlines a hike of Rs 0.70 per unit for 2025-26, followed by Rs 0.37 per unit for 2026-27 and Rs 0.54 per unit for 2027-28.

"An increase in electricity tariff is inevitable," stated Jayakumar R, Managing Director of Mescom. "Mescom has submitted a proposal in this regard to KERC."

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