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The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. This website uses cookies to improve your experience. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. Karnataka is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. 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 ». 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. Students With OCI Cards Are Eligible For State Quota Seats In Karnataka, Kathamala – Stories To Kindle Interest In Indian Culture, Varanga – A Picturesque Stop on the Jain Pilgrim Trail, Donating Eyes In Karnataka Through Jeevasarthakathe – Everything You Must Know. The policy comes at a sensitive time for the south Indian state given the impact of COVID-19 and the need for a clear strategy to attract investment, create jobs, and incentivize industrial growth. REGISTER TODAY. Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. 11 Administration of the Policy . For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. You also have the option to opt-out of these cookies. Improved Labour Market Information System: The policy focuses on creation of an improved Labour Market Information System (LMIS) in order to help in the assessment of labour market and their needs. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. Rajasthan Rajasthan Industrial Development Policy Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). The policy was issued by a notification dated 13 th August 2020. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. The state has a coastline of 300 km with 12 minor ports and one major port in Mangaluru (formerly Mangalore). The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. Overall, Karnataka stands fourth in merchandise exports in the national export basket. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. Rajasthan Rajasthan Industrial Development Policy Karnataka is a state in Southern India. Karnataka Industrial Policy 2020-2025. Required fields are marked *. 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. Good news for students with OCI cards or Overseas […], Stories are the best way for children to learn about […], Some of the villages in Karnataka are the most […], Here is a list of 2021 Bank holidays in Karnataka. 100% of the employees should be hired locally. Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. This is aimed at developing industrially backwards areas. For enterprises run by persons belonging to a special category – women, members of the Dalit and Adivasi communities, ex-servicepersons, members from minority communities, and persons with disabilities – there are separate incentives. The Karnataka State Cabinet on 23 July 2020 approved the New Industrial Policy for 2020-2025 that aims to attract Rs five lakh crore worth investments over the next five years, and create about two million jobs to help mitigate the economic impact of the Covid-19 crisis. The Karnataka government on Thursday announced the launch of the New Industrial Policy 2020-2025, in an attempt to woo domestic investors to invest in the state and to create large-scale employment opportunities. and grow their operations. For this purpose it plans to set up Special Investment Regions (SIR) in Northern Karnataka. 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. Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. Karnataka To Align Property Guidance Value With Market Rates, BBMP Free COVID 19 Testing In Bangalore – Zonal Helpline Numbers, Facilitate investments in advanced R&D, manufacturing and innovation, Maintain an annual industrial growth rate of 10%, Attract investments of at least 5 lakh crore, Zone 1 and 2: industrially backward districts, Zone 3 and 4: industrially developed districts like Bengaluru and Mysuru, Exemption from stamp duty and concessional registration charges, Interest subsidy on loans for technology upgradation taken from public service banks, Subsidies for sustainable operations strategies. The state ranked third among Indian states in terms of foreign direct investment (FDI) inflows, attracting FDI worth US$40.7 billion between 2000 and 2019. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. Uttar Pradesh approves a startup policy to set up 100 incubators in the state. These cookies will be stored in your browser only with your consent. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. 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 amended Rules were notified on June 30, 2020. Policy . Incentives will be rolled out to direct greater investment to the industrially backward districts. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The Government of Karnataka launched the New Industrial Policy for 2014-2019 with the intention to revive the state’s financial growth and improve employment prospects. The key sectors identified by the policy include. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. Karnataka’s new industrial policy incentivizes high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the state capital, Bengaluru (formerly, Bangalore). Karnataka has a new Industrial Policy. Annexwe 1 Definitions . 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. The policy mentions funding (VC fund, angel funding), providing subsidies for allocating spaces to entrepreneurs to set up business, technological support and good infrastructure among the facilities to be extended for the growth of the sector in the state. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. At least 70% of the workforce should ideally comprise of locals. Representative Image. The New Industrial Policy for 2020-25 will oversee new incentives and an easing of the regulatory process.”, In terms of the kind of investments the state sought to attract, Shettar said: “To emerge as globally competitive with skill and scale that leverage hi-tech growth, following thrust areas have been recognized: Industry 4.0, Research and Development, Intellectual Property Rights (IPR), Technology Adoption and Innovation, Cluster Development Initiatives and Sustainable Industrialization.”. Karnataka is best known for its software industry and now biotechnology. State Name of the Policy Year URL State Governments 1. businesses establish, maintain, The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. 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. The first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. While Karnataka saw its proposals shoot up 154% in the first 10 months of 2020 over the comparable period last year, the national numbers witnessed a 11.9% drop during the same period. Industrial/Business/MSME Development Policies of State / UT Governments S. No. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). Read on to know the highlights of the policy. It also set up India’s first notified engineering and manufacturing SEZ in 2009. The state’s approach of ushering in an environment of industrialization reflects its objective of improving per capita income, promoting higher capital formation and creating large employment opportunities. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. 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