A committee headed by noted Kannada scholar Hampa Nagarajaiah decided on the design of the flag.
Many have questioned whether the state government's unveiling of the flag is for political gains, given Karnataka goes to the polls this year.
At the heart of the flag is the official emblem of the state, the coat of arms of the erstwhile state of Mysore.
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These developments and others give this year's observance of International Women's Day (IWD) more meaning. It celebrates the world achievements of women in the fields of economy, politics and society.
The new flag is a departure from what was earlier used unofficially as the Kannada flag.
According to PTI, a committee formed by the state government previous year had recommended the separate flag for Karnataka, discounting any constitutional or legal hurdles for it.
It also sports the "ganda bherunda" or the two headed eagle in the middle.
The decision was taken at a meeting convened by Chief Minister Siddaramaiah to discuss the recommendations of the nine-member flag committee.
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"As the state government has no power to announce its state flag, a proposal in this regard will be sent to the Union government". They said it was "against the unity and integrity of the country" to have a different state flag.
"As long as the State does not show disrespect to the national tricolour and hoists the State flag below the national flag, there is no problem". "We hope it will be approved quickly", he said. "As the Centre is likely to say no to both, the Karnataka government can say we tried, but the BJP did not approve our efforts", said a BJP leader. Jammu and Kashmir has its own flag due to its special status under the Constitution.
It also has the state's emblem "Gandaberunda" at the centre, but will not have the inscription "Satyameva Jayate, he said".
"This flag will be flown below the national flag", he added. "Also, nuances like what would be the protocol and code for the flag among other issues", he had said.
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In January, the Academy unveiled a new set of guidelines to better prevent against a mix-up happening again. This year, he said, the Academy's accounting company told him that their focus would be on the envelopes.