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. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . 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. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. Various beneficial schemes like Suvarna Kayaka Kaushalyabhivruddhi Yojana (SKKY) are set to be revised. Notify me of follow-up comments by email. Upgrade existing industrial areas: The government also has plans to upgrade existing industrial areas and estates by providing monetary assistance to improve their infrastructure. The Karnataka cabinet on Thursday approved a new industrial policy for 2020-2025 in which it said it aimed to ensure that 70% overall employment in all fresh investments go to local Kannadigas. 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. 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 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. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. This website uses cookies to improve your experience. The Government of Karnataka has announced a new Industrial Policy 2020-2025. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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. 100% of the employees should be hired locally. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. After the Cabinet meet, Jagadish Shettar, Minister for medium and … India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. The policy highlights the government’s plan to make sufficient land readily available for business. 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 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 southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. Our subscription service offers regular regulatory updates, Labor reforms under the policy: An amendment to the Factories Act, 1948 will ensure that women workers who work the night shift in factories, that is between 7pm to 6am, are registered. These cookies do not store any personal information. In the case of Group F employees, i.e. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. 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. The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. Image Credit: ANI. Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. Your email address will not be published. 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. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. Incentives will be rolled out to direct greater investment to the industrially backward districts. Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. State Name of the Policy Year URL State Governments 1. Post was not sent - check your email addresses! Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. 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 policy also stipulates that MSMEs qualify for interest subsidy on technology upgradation loans of up to 10 percent for a period of five years. We'll assume you're ok with this, but you can opt-out if you wish. 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. Industries minister Jagadish Shettar (File photo) BENGALURU: The Karnataka government is all set to roll out a new industrial policy (2020-2025) with an ambitious plan to attract Rs 5 lakh crore investments over the next five years and maintain 10% yearon-year growth. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. 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. It is mandatory to procure user consent prior to running these cookies on your website. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. 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 state’s approach of ushering in an environment of industrialization reflects its objective of improving per capita income, promoting higher capital formation and creating large employment opportunities. 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. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. Other incentives include – exemption from stamp duty and concessional registration charges; reimbursement of land conversion fee; tax exemption on electricity tariff for MSMEs; and power subsidy for MSMEs. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. 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. 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). The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. (More in the section below.). 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 Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. The land conversion fee can be reimbursed up to 100 percent for enterprises in Zones-1 and 2 and 75 percent for those in Zone-3. 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. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. Rajasthan Rajasthan Industrial Development Policy Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. 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. 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