Priyank Kharge, Karnataka's Minister of Rural Development and Panchayat Raj presented the Bengaluru Innovation Report 2024 that mentioned that Bengaluru is India's most millennial-friendly city that is thriving in the tech sector, with a high concentration of IT companies, startups, and educational institutions. The city is projected to have a GDP growth rate of 8.5 per cent until 2035, with over 1,100 active women-led startups raising $9.2 billion in the past decade.
Bengaluru's economic growth is driven by technological advancements, innovation, and education. The city's increasing female workforce participation is expected to accelerate this growth. Promoting gender diversity and inclusion through training programs and work-life balance policies is crucial.
Karnataka Minister mentioned, "Proud to release the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group. Key takeaways include that the top 10 cities with the highest GDP growth rates between 2020-2035 are projected to be based in Asia, with Bengaluru, Mumbai, and Delhi featured from India. Bengaluru's GDP is projected to grow at 8.5 per cent until 2035. We have the highest number of female employable talent and are the most millennial-friendly city in India for education and employment, ranking 18th in the Asia Pacific. Bengaluru Urban has the maximum number of colleges per district at 1,106."
He further added that Karnataka has been the primary source of funding for e-commerce marketplaces, with $70.1 billion raised by Bengaluru-based startups since 2010. The state leads in funding for business-to-business and business-to-consumer, with over 3,600 funded tech startups. Bengaluru is the fifth-largest unicorn hub globally, with 112 unicorns valued at $320 billion. The state hosts over R&D centers, has 70 per cent of the nation's chip designers, and holds 40 per cent of the electronic design share.
