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The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Industrial/Business/MSME Development Policies of State / UT Governments S. No. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. 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. 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 first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. 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. 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. Karnataka is a state in Southern India. km. What are the emerging opportunities and how should investors react? Rajasthan Rajasthan Industrial Development Policy 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.”. Andhra Pradesh unveils its new industrial policy. Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ 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. 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. The government has proposed a number of subsidies and incentives to promote entrepreneurs belonging to the women and 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 120,000 jobs by 2023, mobile handset and electronics body ICEA said on Sunday. The Karnataka State Cabinet has approved the new industrial policy for 2020-2025 which focus on labour, and land reforms providing jobs. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. Sector focus of the policy: Key focus sectors have been identified under the policy – automobiles and auto components, pharmaceuticals, medical devices, engineering and machine tools, knowledge-based industries, logistics, renewable energy, aerospace, defense, and electric vehicles. To achieve this, it mentions a number of changes to existing laws as well as concessions, particularly for MSMEs. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. Our subscription service offers regular regulatory updates, 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. Karnataka clears its New Industrial Policy 2020-25. The state has a coastline of 300 km with 12 minor ports and one major port in Mangaluru (formerly Mangalore). In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Uttar Pradesh approves a startup policy to set up 100 incubators in the state. This is aimed at developing industrially backwards areas. Rajasthan Rajasthan Industrial Development Policy 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 … 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. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. Sorry, your blog cannot share posts by email. Annexure 5 Zonal Classification . 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 minimum wage will be revised periodically based on consumer price index, inflation and other such factors. At least 70% of the workforce should ideally comprise of locals. This website uses cookies to improve your experience. 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). 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. Annexwe 1 Definitions . Representative Image. 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. The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. 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. India Briefing is produced by Dezan Shira & Associates. Incentives will be rolled out to direct greater investment to the industrially backward districts. These cookies will be stored in your browser only with your consent. 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. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. Your email address will not be published. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. businesses establish, maintain, Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. 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. 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. non-technical staff, drivers, housekeeping staff, etc. Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. The policy highlights the government’s plan to make sufficient land readily available for business. 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. Your email addresses, karnataka industrial policy 2020, Gadag and Haveri districts investment in India browsing... Employment Act, 1946 has been amended to permit fixed term employment write... 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