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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. Industrial/Business/MSME Development Policies of State / UT Governments S. No. The Karnataka State Cabinet has approved the new industrial policy for 2020-2025 which focus on labour, and land reforms providing jobs. Karnataka is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. Karnataka clears its New Industrial Policy 2020-25. 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. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . Other incentives include: The new policy encourages local hiring and as much direct employment as possible. 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. 11 Administration of the Policy . US$66.89 billion). 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. Karnataka is a state in Southern India. 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. A number of reforms have been introduced under the policy. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. This is aimed at developing industrially backwards areas. 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. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). After the Cabinet meet, Jagadish Shettar, Minister for medium and … km. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. 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. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. 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. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. At least 70% of the workforce should ideally comprise of locals. Rajasthan Rajasthan Industrial Development Policy 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. 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 August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Various beneficial schemes like Suvarna Kayaka Kaushalyabhivruddhi Yojana (SKKY) are set to be revised. What are the emerging opportunities and how should investors react? 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 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. Post was not sent - check your email addresses! 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 … In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Our subscription service offers regular regulatory updates, Notify me of follow-up comments by email. The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. The state ranked third among Indian states in terms of foreign direct investment (FDI) inflows, attracting FDI worth US$40.7 billion between 2000 and 2019. The policy and package of incentives and concessions will come into effect from 13 th August 2020 and will be valid for 5 years or until a new policy is announced. 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. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ (More in the section below.). How To Apply For Caste And Income Certificates In Karnataka? Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. It is mandatory to procure user consent prior to running these cookies on your website. Improved Labour Market Information System: The policy focuses on creation of an improved Labour Market Information System (LMIS) in order to help in the assessment of labour market and their needs. The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. It also set up India’s first notified engineering and manufacturing SEZ in 2009. Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. Stay Ahead of the curve in Emerging Asia. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. Save my name, email, and website in this browser for the next time I comment. India Briefing is produced by Dezan Shira & Associates. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. 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 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.”. 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. Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. 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