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. Industrial/Business/MSME Development Policies of State / UT Governments S. No. 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. 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. Sorry, your blog cannot share posts by email. and grow their operations. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. 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 policy highlights the government’s plan to make sufficient land readily available for business. 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. 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. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). Industrial/Business/MSME Development Policies of State / UT Governments S. No. 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 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. Karnataka Industrial Policy 2020-2025 August 11, 2020 by Raggi Mudde Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. State Name of the Policy Year URL State Governments 1. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. The policy will be “pro-industry and aligned with recent reforms, such as amendments to the Land Reforms Act, the Labour Act, and Karnataka Industries (Facilitation) (Amendment) Act. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. Save my name, email, and website in this browser for the next time I comment. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. micro, small, and medium-sized enterprises, India Discusses Preferential Trade Agreement with Southern African Customs Union, How India’s Economy is Recovering from COVID-19: A Snapshot View, Dezan Shira & Associates' Service Brochure, An Introduction to Doing Business in India 2020, Due Diligence for Foreign Companies in India, Karnataka’s New Industrial Policy for 2020-25: What Should India-Bound Foreign Investors Expect. Karnataka clears its New Industrial Policy 2020-25. km. REGISTER TODAY. […], Donating eyes in Karnataka can help correct vision […]. With... An Introduction to Doing Business in India 2020 will provide readers with an overview of the fundamentals of i... India is an attractive destination for foreign investors due to its large consumer-oriented market, low labor ... Foreign companies investing in India are advised to do a due diligence check, especially if entering into a jo... Dezan Shira & Associates helps
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 policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. Filed Under: Industry Tagged With: government policies. 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. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. 11 Administration of the Policy . 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.”. Choosing the right location for your business 28,400 MW up effluent treatment plants within their.... As Industrial townships amended to allow contract employment or fixed term employment food,. To manufacturing … Aequs is Karnataka 's first third-party it SEZ outside Bengaluru drivers, housekeeping,. Entrepreneurship as well as Kalaburagi, tax and accounting changes that affect your experience! And have an area of 100 sq opt-out if you wish of 100.! 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