The amended Rules were notified on June 30, 2020. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. 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. 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. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The Government of Karnataka has announced a new Industrial Policy 2020-2025. Upgrade existing industrial areas: The government also has plans to upgrade existing industrial areas and estates by providing monetary assistance to improve their infrastructure. Karnataka clears its New Industrial Policy 2020-25. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. 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 Factories Act, 1948 has been amended with respect to women working the night shift in factories. 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. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. What are the emerging opportunities and how should investors react? India Briefing is produced by Dezan Shira & Associates. Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. Navigate supply chain disruptions and mitigate future risks, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window). Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. Policy . Karnataka is a state in Southern India. 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. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. Incentives will be rolled out to direct greater investment to the industrially backward districts. Notify me of follow-up comments by email. 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 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 draft version of the policy mandated the minimum direct employment for 100 employees for the initial investment of INR 2.5 billion (US$33.39 million) and additional employment of 20 personnel for every additional investment of INR 500 million (US$6.67 million). The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. We'll assume you're ok with this, but you can opt-out if you wish. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. Industrial/Business/MSME Development Policies of State / UT Governments S. No. 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. 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 is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. 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.”. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. The policy extends support to Research & Development and Direct Digital Manufacturing. A number of reforms have been introduced under the policy. 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. 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. This website uses cookies to improve your experience while you navigate through the website. US$66.89 billion). 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 state has a coastline of 300 km with 12 minor ports and one major port in Mangaluru (formerly Mangalore). Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 100% of the employees should be hired locally. This category only includes cookies that ensures basic functionalities and security features of the website. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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. Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. Exports from the state stood at around US$17.4 billion in 2018-19, which is 5.3 percent of India’s total exports. Overall, Karnataka stands fourth in merchandise exports in the national export basket. Your email address will not be published. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). Rajasthan Rajasthan Industrial Development Policy 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 State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Karnataka is best known for its software industry and now biotechnology. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). Rajasthan Rajasthan Industrial Development Policy Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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. Filed Under: Industry Tagged With: government policies. 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. 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). Karnataka has a new Industrial Policy. State Name of the Policy Year URL State Governments 1. Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. In the case of Group F employees, i.e. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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