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Siddaramaiah woos US aerospace firms to ‘Make in Karnataka’

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Bengaluru: Pitching for investments to boost the state’s growth story, Chief Minister Siddaramaiah on Wednesday urged US aerospace firms to make products and components for domestic and global markets in Karnataka.

“I appeal to this august gathering of industry to invest in the aerospace sector and be part of ‘Make in Karnataka’,” Siddaramiah said at the US-India aviation summit here.

Noting that Bengaluru was India’s aerospace hub with 65 percent of the country’s investment in the sector, the chief minister said Karnataka was the first state to have an aerospace policy (2013-2023) to attract investments and new technologies.

“The growth potential of aerospace and defence industry has attracted global majors like Boeing, Honeywell, Airbus, EADS, Pratt & Whitney, Rolls Royce and UTC Aerospace to set up their engineering and design services in this tech hub,” Siddaramaiah told at least 300 delegates participating in the three-day event.

Assuring the prospective firms of the state government’s support to facilitate their investments with incentives, Siddaramaiah said a dedicated Aerospace Park has been formed near the Bengaluru international airport at Devanahalli on 984 acres of land, with a special economic zone (SEZ) and the country’s first aerospace SEZ at Belagavi in the state’s northern region, about 500 km from Bengaluru.

Home to the state-run Hindustan Aeronautics Ltd. (HAL) and other major defence units such as Bharat Electronics Ltd. (BEL), Aeronautical Development Agency (ADA), Aeronautical Development Establishment (ADE), National Aerospace Laboratories (NAL) and Defence Research and Development Organisation (DRDO), Bengaluru has pioneered the growth of the aerospace industry across the country.

“Growth potential of our aerospace and defence industry is making global majors to set up their subsidiaries in India and collaborate with our industry for joint ventures, as the defence offset policy offers a huge opportunity to make for us and exports,” Siddaramaiah pointed out.

In this context, the chief minister said Maintenance, Repairs and Operations (MRO) segment in the civil aviation sector was estimated to be Rs.1,300 crore by 2020.

“Given the labour-intensive nature of MRO, leading MRO firms, Original Equipment Manufacturers (OEMs) and international airlines are looking forward to outsource this work to Indian firms, as they are being done outside the country in Dubai, Sri Lanka and Singapore,” Siddaramaiah added.

The state has recently launched e-udyami, an online one-stop shop which allows investors to apply for approvals and monitor status of their projects’ implementation.

Union Civil Aviation Minister Ashok Gajapathi Raju and US Ambassador to India Richard Verma addressed the gathering at the inaugural session.

Sponsored by the US Trade and Development Agency in partnership with the central government, the summit is meant to assist Indian stakeholders to identify and specify US technology and practices to suit their expansion and modernisation needs.

The Indian civil aviation market is expected to be $110 billion by 2020, as the country is projected to become the world’s third largest aviation market, handling 336 million domestic and 85 million international passengers.

The summit is also aimed at promoting sale of US equipment and services in a competitive Indian aviation market.

(IANS)

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Top 10 startups funded by celebrities

The buzzword of Indian economy 'Startup' gaining the attention of celebrities

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Funds Ziddu. Wikimedia commons
Funds Ziddu. Wikimedia commons

Recently celebrities have been ready to invest in valuable startups. India has become one of the fastest growing startup ecosystems in the world, hence many celebrities seem to have growing business interests.

Here is the list of top 10 celebrities which are funding some major startups.

You may also like: Startup and a more competitive India

1. Ziddu funded by Amitabh Bachchan

Funds grouphomebuyers.com Wikimedia commons
Funds grouphomebuyers.com Wikimedia Commons

The actor decided to invest $250,000 in a startup based in Singapore, in 2015. Ziddu, a cloud service provider, was founded by Venkata Srinivas Meenavalli. It is run by Meridian Tech, and also offers free file hosting for documents, pictures, video, and audio.

2. Grouphomebuyers.com funded by Shilpa Shetty

A site which has a listing of new and upcoming residential projects from top cities. Shilpa Shetty is the co-founder of this website which has helped 200 families get properties at discounted prices.

3. Pulse funded by Chetan Bhagat

This new age photo-sharing mobile app was founded by Karthik Vaidyanath and Prakhar Khanduja. This app has a combo of articles and user-generated content. It is a bit like Snapchat, but one major difference is that you cannot take screenshots of this one. Many prominent people have participated in its funding, one name is Chetan Bhagat.

4. Healthians funded by Yuvraj Singh

One of the many startups that Singh has invested in, is Healthians. It is a home service health test platform that operated in NCR. It is now launched in Mumbai and Bangalore too.

Funds Qyuki. Wikimedia commons
Funds Qyuki. Wikimedia Commons

5. Qyuki funded by A.R. Rahman and Shekhar Kapur

They both joined hands in 2012 to launch a social media platform. Qyuki aims to engage Indian youth to new media content. It was built on Cisco’s cloud infrastructure and had received an investment from it too.

Read more: Bollywood celebs security trimmed

6. Yatra funded by Salman Khan

All of us know about Being Human. However, what we don’t know is that Salman Khan has a 5% stake in Yatra.com. He is also the brand ambassador for the company.

7. HealthEminds funded by Robin Uthappa

It was in March 2016 that Uthappa invested an undisclosed amount in HeathEMinds. The startup aims at helping people to deal with mental stress and depression. It was started in 2013, the startup offers video counselling without disclosing the identity of the caller.

Funds Muvizz. Wikimedia Commons

8. Muvizz funded by Manoj Bajpayee

Muvizz was founded by Bajpayee’s friends Abhayanand Singh and Piyush Singh. This startup offers cult, classic and independent films to lovers of cinema around the world. It is a Video-On-Demand platform.

9. GOQii funded by Madhuri Dixit

This startup designs wearable fitness bands, it also provides fitness training. Madhuri started out as an investor with GOQii founded by Vishal Gondal. Dr. Sriram Nene, Dixit’s husband, is the CMO of the company.

10. Indi funded by Anil Kapoor

It is video social network founded by Neel Grover which was launched in 2012. Kapoor invested an undisclosed amount in the startup.