Representative Image. Readers may write to india@dezshira.com for business support in India. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. 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. Sector focus of the policy: Key focus sectors have been identified under the policy – automobiles and auto components, pharmaceuticals, medical devices, engineering and machine tools, knowledge-based industries, logistics, renewable energy, aerospace, defense, and electric vehicles. Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. businesses establish, maintain, Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. Andhra Pradesh unveils its new industrial policy. 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. 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. The subsidy will be based on 10 percent of their turnover each year for five years and will be limited to 20 – 30 percent of the value of their fixed assets (VFA) based on the zone. This website uses cookies to improve your experience while you navigate through the website. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. Annexwe 1 Definitions . On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. […], Donating eyes in Karnataka can help correct vision […]. 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. 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. What are the emerging opportunities and how should investors react? 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. 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 first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. 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 1.2 lakh jobs by 2023, mobile handset and electronics body ICEA said on Sunday. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. Notify me of follow-up comments by email. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. 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. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . You also have the option to opt-out of these cookies. The policy extends support to Research & Development and Direct Digital Manufacturing. 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. 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. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. Overall, Karnataka stands fourth in merchandise exports in the national export basket. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Let us take a look at the salient features of Karnataka Industrial Policy for 2014-2019. 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). Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. Filed Under: Industry Tagged With: government policies. Required fields are marked *. 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. But opting out of some of these cookies may affect your browsing experience. The second SIR will encompass the Davanagere, Shivamogga, Chitradurga, and Chickamagaluru districts as well as Kalaburagi. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The policy highlights the government’s plan to make sufficient land readily available for business. The key sectors identified by the policy include. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. We also use third-party cookies that help us analyze and understand how you use this website. For this purpose it plans to set up Special Investment Regions (SIR) in Northern Karnataka. Each SIR will be categorized as an industrial township and have an area of 100 sq. US$66.89 billion). The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. Image Credit: ANI. 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. 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 main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. Sorry, your blog cannot share posts by email. 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. 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