Earlier, the proposal was made in the Karnataka Industrial policy, 2020-25, by the State government to give impetus to growth of industry; and in the … The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. 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. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. 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). The Factories Act, 1948 has been amended with respect to women working the night shift in factories. In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. The policy document has … The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. Image Credit: ANI. Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ The government has proposed a number of subsidies and incentives to promote entrepreneurs belonging to the women and special categories. businesses establish, maintain, The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. 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. […], Donating eyes in Karnataka can help correct vision […]. Rajasthan Rajasthan Industrial Development Policy This category only includes cookies that ensures basic functionalities and security features of the website. 100% of the employees should be hired locally. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Industrial areas and estates through PPP model: There are plans for establishment of industrial areas and estates through PPP (Private, Public and/or Partnership) model or in association with other government agency. Gujarat announces its Industrial Policy, 2020. 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. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Karnataka clears its New Industrial Policy 2020-25. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. The amended Rules were notified on June 30, 2020. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. The policy and package of incentives and concessions will come into effect from 13 th August 2020 and will be valid for 5 years or until a new policy is announced. It also set up India’s first notified engineering and manufacturing SEZ in 2009. US$66.89 billion). The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. What are the emerging opportunities and how should investors react? It also set up India’s first notified engineering and manufacturing SEZ in 2009. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. Karnataka is best known for its software industry and now biotechnology. To establish brand Karnataka in the global market, To make Karnataka one of the top 3 investment destinations in the country, To create a business friendly environment in the state in order to project Karnataka as a state that promotes and encourages entrepreneurship, To maintain an industrial growth rate of 12 % per annum, To increase the manufacturing sector’s contribution to the State GDP to 20% by 2019, To attract minimum investments worth Rs 5 lakh crore by 2019, To create additional employment for 15 lakhs people by 2019, Exemption from payment of electricity tariff to ultra-mega and super-mega projects, Subsidy for setting up Energy Effluent Treatment Plant, Interest subsidy for water harvesting, technology up-gradation, Reimbursement of cost of preparing project reports. Required fields are marked *. 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. This is aimed at developing industrially backwards areas. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. This website uses cookies to improve your experience while you navigate through the website. 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. The new Karnataka Industrial Policy envisions emerging as a “global leader in advanced manufacturing, research and development, and innovation and to create an ecosystem for an inclusive, balanced and sustainable development of the State.”. 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). 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. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. For those eligible for special category incentives, they will qualify for investment promotion subsidies worth 35 percent of VFA in Zone-1, 30 percent of VFA in Zone-2, 20 percent in Zone-3, and 10 percent in Zone-4. Another SIR that is being planned includes Shivamogga, Davanagere, Chitradurga, and Chickamagaluru districts as well as Kalaburagi, which is in the Kalyana Karnataka district (previously known as Hyderabad-Karnataka region). 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 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. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Karnataka has a new Industrial Policy. Your email address will not be published. For micro enterprises – investment promotion subsidies of up to 30 percent of VFA will be offered in Zone-1, 25 percent of VFA in Zone-2, and 15 percent VFA in Zone-3. You also have the option to opt-out of these cookies. Establish new industrial corridors: The policy proposes the establishment of new industrial corridors within the state to boost industrial growth. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. State Name of the Policy Year URL State Governments 1. 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. Special investment regions in Dharwad and Shivamogga: The policy aims to enact the Special Investment Region (SIR) Act to create, operate, and regulate such investment regions in the state. 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