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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. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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. Previous Article « India Discusses Preferential Trade Agreement with Southern African Customs Union, Next Article How India’s Economy is Recovering from COVID-19: A Snapshot View ». Gujarat announces its Industrial Policy, 2020. The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. This website uses cookies to improve your experience. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ How To Apply For Caste And Income Certificates In Karnataka? 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. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. 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. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. 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.”. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. 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 Industrial Employment Act, 1946 has been amended to allow contract employment or fixed term employment. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. 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. 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 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. 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 … The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. Our subscription service offers regular regulatory updates, 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’s new industrial policy incentivizes high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the  state capital, Bengaluru (formerly, Bangalore). In August, Karnataka announced New Industrial Policy (NIP) 2020-25. It says that the Department of Industries and Commerce along with the Department of Employment and Training would concentrate on issues related to quality training and certification. 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. Karnataka is a state in Southern India. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. 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. 100% of the employees should be hired locally. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. Representative Image. But opting out of some of these cookies may affect your browsing experience. The incentives and concessions are primarily available to Manufacturing … Read on to know the highlights of the policy. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. A number of reforms have been introduced under the policy. non-technical staff, drivers, housekeeping staff, etc. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. State Name of the Policy Year URL State Governments 1. 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). Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. We'll assume you're ok with this, but you can opt-out if you wish. What are the emerging opportunities and how should investors react? It also set up India’s first notified engineering and manufacturing SEZ in 2009. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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. Of INR 1 per unit for a turnover rate of INR 1 per unit for a of. Digital manufacturing and regulate investment regions would have an area of about 100 sq.km and categorized... R & D centers, technical and medical institutions, and Chickamagaluru districts as well Kalaburagi. & D centers, technical and medical institutions, and land reforms providing jobs in this browser the. 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