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In August, Karnataka announced New Industrial Policy (NIP) 2020-25. These cookies do not store any personal information. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. 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.”. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). 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. 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. The policy focuses on treating all energy projects, including renewable energy projects, as industry and makes them eligible for all incentives, Filed Under: Industry Tagged With: government policies. Karnataka is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. This category only includes cookies that ensures basic functionalities and security features of the website. In this article, we briefly break down key focus areas of the policy, including the creation of special investment regions, incentives for high-tech and innovation-based enterprises, and implications for hiring, among others. 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 southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. The policy extends support to Research & Development and Direct Digital Manufacturing. Additionally, MSMEs can access subsidies for sustainable operations strategies, such as setting up rainwater harvesting systems and wastewater management and get reimbursed for expenses on conducting a water audit and recycling their electronic and plastic waste. 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. Exports from the state stood at around US$17.4 billion in 2018-19, which is 5.3 percent of India’s total exports. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. Incentives will be rolled out to direct greater investment to the industrially backward districts. 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). This website uses cookies to improve your experience. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). The key sectors identified by the policy include. 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. A number of reforms have been introduced under the policy. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. How To Apply For Caste And Income Certificates In Karnataka? 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 Factories Act, 1948 has been amended with respect to women working the night shift in factories. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Various beneficial schemes like Suvarna Kayaka Kaushalyabhivruddhi Yojana (SKKY) are set to be revised. State Name of the Policy Year URL State Governments 1. The policy document has … Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. The investment promotion subsidy will be based on 10 percent on turnover each year for a period of five years and limited to 20 to 30 percent of value of fixed assets (VFA). 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 Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. businesses establish, maintain, In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. Karnataka clears its New Industrial Policy 2020-25. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. 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 Government of Karnataka has announced a new Industrial Policy 2020-2025. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. Your email address will not be published. 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 policy also stipulates that MSMEs qualify for interest subsidy on technology upgradation loans of up to 10 percent for a period of five years. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. non-technical staff, drivers, housekeeping staff, etc. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. The State government is in the process of notifying a new industrial policy and will also release a special relief package for MSMEs, said Minister for … The state is home to the Pavagada Solar Park, which has an installed capacity of 2,000 MW, the largest in the country, of which 1,400 MW is operational. 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 main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. 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. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Uttar Pradesh approves a startup policy to set up 100 incubators in the state. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. 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.”. 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