Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. Incentives will be rolled out to direct greater investment to the industrially backward districts. Industrial policy and business regulation. Labor reforms under the policy: An amendment to the Factories Act, 1948 will ensure that women workers who work the night shift in factories, that is between 7pm to 6am, are registered. REGISTER TODAY. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Read on to know the highlights of the policy. The new industrial policy of Karnataka is expected to push mobile production in value terms in the state to Rs 30,000 crore and create 120,000 jobs by 2023, mobile handset and electronics body ICEA said on Sunday. Other incentives include – exemption from stamp duty and concessional registration charges; reimbursement of land conversion fee; tax exemption on electricity tariff for MSMEs; and power subsidy for MSMEs. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. […], Donating eyes in Karnataka can help correct vision […]. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. (More in the section below.). After the Cabinet meet, Jagadish Shettar, Minister for medium and … 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. 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. In the case of Group F employees, i.e. The Karnataka State Cabinet has approved the new industrial policy for 2020-2025 which focus on labour, and land reforms providing jobs. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. 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. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. The land conversion fee can be reimbursed up to 100 percent for enterprises in Zones-1 and 2 and 75 percent for those in Zone-3. The key sectors identified by the policy include. The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. Sorry, your blog cannot share posts by email. Local jobs creation: The policy will require new industrial projects to create as much direct employment as possible and hire locally – a minimum of 70 percent of the workforce should consist of locals and 100 percent in the case of Group D type of employees (housekeeping and sanitation staff, non-technical posts, drivers, etc.). 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. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . Save my name, email, and website in this browser for the next time I comment. Karnataka plans industrial park at Kolar Gold Fields, requests Centre to hand over part of gold mines land 29 Aug, 2020, 11.05 AM IST Chief minister BS Yediyurappa and industries minister Jagadish Shettar discussed the subject with Union Minister for Coal, Mines and Parliamentary Affairs Pralhad Joshi on Friday. Establish new industrial corridors: The policy proposes the establishment of new industrial corridors within the state to boost industrial growth. 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). Micro and small enterprises will be offered interest subsidies if they secure loans from public service banks at an annual rate of three percent for five years. You also have the option to opt-out of these cookies. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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. Subsidies for MSMEs: The policy offers production turnover-based subsidies for micro, small, and medium-sized enterprises (MSMEs) with a view to boost industrial innovation. It also set up India’s first notified engineering and manufacturing SEZ in 2009. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. including the most recent legal, tax and accounting changes that affect your business. Notify me of follow-up comments by email. 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. 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. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. 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. The incentives and concessions are primarily available to Manufacturing … Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. Karnataka is also a popular destination for auto, electronics, food processing, heavy machinery, and the textiles industry. 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