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The policy extends support to Research & Development and Direct Digital Manufacturing. Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. Industrial policy and business regulation. Filed Under: Industry Tagged With: government policies. Special investment regions in Dharwad and Shivamogga: The policy aims to enact the Special Investment Region (SIR) Act to create, operate, and regulate such investment regions in the state. 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. 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. The policy document has … 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 120,000 jobs by 2023, mobile handset and electronics body ICEA said on Sunday. and grow their operations. 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. The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. Establish new industrial corridors: The policy proposes the establishment of new industrial corridors within the state to boost industrial growth. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. 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). Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. 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). In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 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. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. This website uses cookies to improve your experience while you navigate through the website. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. 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 Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. 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. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. 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.”. 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). 11 Administration of the Policy . 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. We'll assume you're ok with this, but you can opt-out if you wish. 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. Read on to know the highlights of the policy. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. 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. Annexwe 1 Definitions . The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. India Briefing is produced by Dezan Shira & Associates. What are the emerging opportunities and how should investors react? 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 second SIR will encompass the Davanagere, Shivamogga, Chitradurga, and Chickamagaluru districts as well as Kalaburagi. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . In Zone-2, it is 55 percent VFA for 2.5 percent turnover for six years and 45 percent VFA for large enterprises in Zone-3 showing a 2.5 percent turnover rate. businesses establish, maintain, non-technical staff, drivers, housekeeping staff, etc. The southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. To establish brand Karnataka in the global market, To make Karnataka one of the top 3 investment destinations in the country, To create a business friendly environment in the state in order to project Karnataka as a state that promotes and encourages entrepreneurship, To maintain an industrial growth rate of 12 % per annum, To increase the manufacturing sector’s contribution to the State GDP to 20% by 2019, To attract minimum investments worth Rs 5 lakh crore by 2019, To create additional employment for 15 lakhs people by 2019, Exemption from payment of electricity tariff to ultra-mega and super-mega projects, Subsidy for setting up Energy Effluent Treatment Plant, Interest subsidy for water harvesting, technology up-gradation, Reimbursement of cost of preparing project reports. Karnataka is best known for its software industry and now biotechnology. This website uses cookies to improve your experience. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. 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 clears its New Industrial Policy 2020-25. Upgrade existing industrial areas: The government also has plans to upgrade existing industrial areas and estates by providing monetary assistance to improve their infrastructure. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. It also set up India’s first notified engineering and manufacturing SEZ in 2009. 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