Previous Article « India Discusses Preferential Trade Agreement with Southern African Customs Union, Next Article How India’s Economy is Recovering from COVID-19: A Snapshot View ». The Karnataka cabinet on Thursday approved a new industrial policy for 2020-2025 in which it said it aimed to ensure that 70% overall employment in all fresh investments go to local Kannadigas. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Navigate supply chain disruptions and mitigate future risks, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window). In August, Karnataka announced New Industrial Policy (NIP) 2020-25. Your email address will not be published. State Name of the Policy Year URL State Governments 1. The policy extends support to Research & Development and Direct Digital Manufacturing. Industries minister Jagadish Shettar (File photo) BENGALURU: The Karnataka government is all set to roll out a new industrial policy (2020-2025) with an ambitious plan to attract Rs 5 lakh crore investments over the next five years and maintain 10% yearon-year growth. The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The New Industrial Policy 2020-25 outlines investment promotion subsidies for enterprises according to their scale of production, turnover, and whether they are operated by persons belonging to special categories. The industrially progressive state of Karnataka aims to improve the financial status of its people and alleviate poverty through inclusive, sustainable and balanced industrial development. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. Save my name, email, and website in this browser for the next time I comment. The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. Minister for Large and Medium-scale Industries Jagadish Shettar on Tuesday said that the new industrial policy will be finalised soon and the cabinet will also give its approval. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. Notify me of follow-up comments by email. MSMEs will also be offered a 100 percent exemption from tax on power tariffs for a period of seven years in Zone-1, six years in Zone-2, and five years in Zone-3. Karnataka is also a popular destination for auto, electronics, food processing, heavy machinery, and the textiles industry. Karnataka is a state in Southern India. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. Several areas are under considered for Special Investment Regions, like Dharwad, Gadag, Haveri and Belgaum Districts, Bagalkote, Bijapur, Bellary, Hassan, Koppal, Mysore, Mangalore and Raichur. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. The policy also stipulates that MSMEs qualify for interest subsidy on technology upgradation loans of up to 10 percent for a period of five years. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. Image Credit: ANI. These intra-state industrial corridors will be: Accelerate CBCIC: The policy also highlights the state government’s plan to accelerate work on Chennai-Bangalore-Chitradurga Industrial Corridor (CBCIC) and Bangalore-Mumbai Economic Corridor (BMEC) with the central government’s help. The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. Your email address will not be published. The new policy will facilitate greater investments in advanced manufacturing, research and development (R&D) and innovation and aims to the create at least 2 million jobs. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. The state is India’s largest software exporter, largest producer of aerospace and defense equipment, has the largest biotech hub, and is the largest producer of coffee in the country. In his pitch to the press, State Minister for Large and Medium Scale Industries and Public Enterprises, Jagadish Shettar, explained that the new industrial policy intended to promote the development of tier-2 and tier-3 cities in Karnataka, pivot the state to rank third in merchandise exports in the next five years, and maintain a yearly industrial growth rate of 10 percent. It says that the Department of Industries and Commerce along with the Department of Employment and Training would concentrate on issues related to quality training and certification. India Briefing is produced by Dezan Shira & Associates. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Karnataka's new industrial policy incentivises high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the state capital, Bengaluru (formerly, Bangalore). Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. Various beneficial schemes like Suvarna Kayaka Kaushalyabhivruddhi Yojana (SKKY) are set to be revised. The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. This website uses cookies to improve your experience. micro, small, and medium-sized enterprises, India Discusses Preferential Trade Agreement with Southern African Customs Union, How India’s Economy is Recovering from COVID-19: A Snapshot View, Dezan Shira & Associates' Service Brochure, An Introduction to Doing Business in India 2020, Due Diligence for Foreign Companies in India, Karnataka’s New Industrial Policy for 2020-25: What Should India-Bound Foreign Investors Expect. Aerospace, machine tool, steel & cement sectors as focus Industries will! 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