Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. 11 Administration of the Policy . (More in the section below.). 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. In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. Industrial policy and business regulation. 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 document has … Exports from the state stood at around US$17.4 billion in 2018-19, which is 5.3 percent of India’s total exports. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. Karnataka is a state in Southern India. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. Image Credit: ANI. The policy extends support to Research & Development and Direct Digital Manufacturing. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … The key sectors identified by the policy include. and grow their operations. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. 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. 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 … Policy . In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. Andhra Pradesh unveils its new industrial policy. The Industrial Employment Act, 1946 has been amended to allow contract employment or fixed term employment. These concessions are not applicable to loans obtained from the Karnataka State Financial Corporation and commercial banks that are not listed under the credit linked capital subsidy scheme of the government of India. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. 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. But opting out of some of these cookies may affect your browsing experience. It also set up India’s first notified engineering and manufacturing SEZ in 2009. Post was not sent - check your email addresses! Save my name, email, and website in this browser for the next time I comment. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Rajasthan Rajasthan Industrial Development Policy In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. Karnataka clears its New Industrial Policy 2020-25. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Overall, Karnataka stands fourth in merchandise exports in the national export basket. 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. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Stay Ahead of the curve in Emerging Asia. Kaveri Online Services – Property Registration Made Easier, How to Apply for Voter ID card in Karnataka, District-Wise COVID-19 Cases In Karnataka, List of 2021 Karnataka Government Holidays, How to Pay Traffic Fines Online in Bangalore, How to Obtain A Marriage Certificate in Karnataka. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. 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). 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. including the most recent legal, tax and accounting changes that affect your business. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. August 11, 2020 by Raggi Mudde. Our subscription service offers regular regulatory updates, How To Apply For Caste And Income Certificates In Karnataka? For enterprises operated by persons qualifying for special category incentives, a 100 percent concession of stamp duty is available in Zones-1, 2, and 3 and a 75 percent concession 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. Karnataka has a new Industrial Policy. 100% of the employees should be hired locally. Representative Image. 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. Readers may write to india@dezshira.com for business support in India. For large enterprises with investment on fixed assets between INR 100 million (US$1.33 million) and INR 2.5 billion (US$33.39 million), the policy offers an investment promotion subsidy based on their turnover. 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. , electronics, food processing, heavy machinery, and Belagavi districts of has... And 3 for technology companies, which is 5.3 percent of the website within their premises Chief Minister Yediyurappa. Major port in Mangaluru ( formerly Mysore ) come under Zone-4 the establishment of New Industrial Policy for.... 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