Bangalore, Dec 5 (IANS): Karnataka is ready to enhance budgetary support to nanotechnology initiatives and help the growth of the sunrise sector, state Chief Minister Siddaramaiah said Thursday.

"The state government will consider providing enhanced budgetary support for nano initiatives and activities of the state's science and technology's vision group, including ventures," Siddaramaiah said as he inaugurated the "Bangalore Nano" trade event here.

The state's vision group on nanotechnology, headed by C.N.R. Rao, the scientist who has been named for the Bharat Ratna, recently made a slew of recommendations for the emerging sector's growth, including the development of an ecosystem for academia and industry in the field.

"We also propose to set up a Nano Park in Bangalore with an incubation centre to give a fillip to the industry in the state," Siddaramaiah told about 500 delegates from India and abroad participating in the three-day sixth edition of the conference-cum-exposition.

The state government allocated 14 acres of land on the city's outskirts towards Tumkur to set up the Indian Institute of Nano Science and Technology, with funding from the central government under its Rs.1,000-crore ambitious Nano Mission.

"The purpose of science research is to address the challenges of the common man in myriad areas, with solutions that will have greater value for our citizens," the chief minister said.

Noting that as a pioneering state, Karnataka had provided support in terms of policy, guidelines, incentives and infrastructure for a knowledge-based economy, the chief minister said the backing of the government had enabled the state to make rapid progress in IT, IT-enabled services, biotech, and research and development.

"These achievements have enabled the state to become a preferred destination of investments and domain expertise and (Karnataka has) earned pride of place in the global market as the technology capital of India," Siddaramaiah said.