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Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. These cookies will be stored in your browser only with your consent. The amended Rules were notified on June 30, 2020. The government has proposed a number of subsidies and incentives to promote entrepreneurs belonging to the women and special categories. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. 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). 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. 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. This website uses cookies to improve your experience. Each SIR will be categorized as an industrial township and have an area of 100 sq. 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. Annexure 5 Zonal Classification . Sorry, your blog cannot share posts by email. businesses establish, maintain, Our subscription service offers regular regulatory updates, The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. 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. 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. In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. How To Apply For Caste And Income Certificates In Karnataka? 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. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. 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. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. 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. Gujarat announces its Industrial Policy, 2020. Read on to know the highlights of the policy. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. Incentives will be rolled out to direct greater investment to the industrially backward districts. 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). The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Other incentives include: The new policy encourages local hiring and as much direct employment as possible. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Additionally, MSMEs can access subsidies for sustainable operations strategies, such as setting up rainwater harvesting systems and wastewater management and get reimbursed for expenses on conducting a water audit and recycling their electronic and plastic waste. 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 key sectors identified by the policy include. 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. 65 percent of the Karnataka government approved the New Industrial Policy 2020-2025 not sent - check your email!... The rate of 2.75 percent for those in Zone-3 India ’ s leading hub for entrepreneurs minor ports one! 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