<p>Bengaluru: The Karnataka Cabinet on Thursday approved a Rs 1,000-crore Local Economy Accelerator Programme (LEAP), which the government says would create 5 lakh jobs by promoting innovation and entrepreneurship outside Bengaluru. </p><p>Chief Minister Siddaramaiah had announced LEAP as a five-year scheme in the 2025-25 Budget. </p>.HAL enters into agreement with SAE for production of LEAP engine parts at Paris Air Show.<p>Briefing reporters after the Cabinet meeting, Law & Parliamentary Affairs Minister HK Patil said Rs 200 crore will be earmarked for LEAP in the current fiscal. </p><p>Under LEAP, the government will develop a startup ecosystem in Mysuru, Mangaluru, Hubballi-Dharwad and Kalaburagi. Incubators, accelerators, centres of excellence and global technology centres will be established. Also, a Rs 300-crore Fund-of-Funds and a corpus fund of Rs 100 crore for deeptech development will be provided. </p><p>The Cabinet also decided to start a Spacetech Centre of Excellence in Bengaluru at a cost of Rs 10 crore. It will be incorporated under the Companies Act. The Satellite Communication Industry Association (SIA) India will be roped in as the implementation agency by skipping the tender process. </p><p>According to the Department of IT, BT and Science & Technology, the Spacetech Centre of Excellence will meet the testing needs in the startup sector. </p><p>ISRO, DRDO and other government agencies have maxed out their testing facilities. Space startups are bringing out 30 working prototypes every month requiring testing, the department stated. </p>
<p>Bengaluru: The Karnataka Cabinet on Thursday approved a Rs 1,000-crore Local Economy Accelerator Programme (LEAP), which the government says would create 5 lakh jobs by promoting innovation and entrepreneurship outside Bengaluru. </p><p>Chief Minister Siddaramaiah had announced LEAP as a five-year scheme in the 2025-25 Budget. </p>.HAL enters into agreement with SAE for production of LEAP engine parts at Paris Air Show.<p>Briefing reporters after the Cabinet meeting, Law & Parliamentary Affairs Minister HK Patil said Rs 200 crore will be earmarked for LEAP in the current fiscal. </p><p>Under LEAP, the government will develop a startup ecosystem in Mysuru, Mangaluru, Hubballi-Dharwad and Kalaburagi. Incubators, accelerators, centres of excellence and global technology centres will be established. Also, a Rs 300-crore Fund-of-Funds and a corpus fund of Rs 100 crore for deeptech development will be provided. </p><p>The Cabinet also decided to start a Spacetech Centre of Excellence in Bengaluru at a cost of Rs 10 crore. It will be incorporated under the Companies Act. The Satellite Communication Industry Association (SIA) India will be roped in as the implementation agency by skipping the tender process. </p><p>According to the Department of IT, BT and Science & Technology, the Spacetech Centre of Excellence will meet the testing needs in the startup sector. </p><p>ISRO, DRDO and other government agencies have maxed out their testing facilities. Space startups are bringing out 30 working prototypes every month requiring testing, the department stated. </p>
