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. 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. non-technical staff, drivers, housekeeping staff, etc. We'll assume you're ok with this, but you can opt-out if you wish. The first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. Notify me of follow-up comments by email. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). This website uses cookies to improve your experience. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. Your email address will not be published. including the most recent legal, tax and accounting changes that affect your business. The Government of Karnataka launched the New Industrial Policy for 2014-2019 with the intention to revive the state’s financial growth and improve employment prospects. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. 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. 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 policy highlights the government’s plan to make sufficient land readily available for business. km. For those eligible for special category incentives, they will qualify for investment promotion subsidies worth 35 percent of VFA in Zone-1, 30 percent of VFA in Zone-2, 20 percent in Zone-3, and 10 percent in Zone-4. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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. Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. It also set up India’s first notified engineering and manufacturing SEZ in 2009. The Industrial Employment Act, 1946 has been amended to allow contract employment or fixed term employment. The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. Labor reforms under the policy: An amendment to the Factories Act, 1948 will ensure that women workers who work the night shift in factories, that is between 7pm to 6am, are registered. 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. US$66.89 billion). Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. 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. 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 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. 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. Karnataka’s new industrial policy incentivises high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the state capital, Bengaluru (formerly, Bangalore). Gujarat announces its Industrial Policy, 2020. Karnataka To Align Property Guidance Value With Market Rates, BBMP Free COVID 19 Testing In Bangalore – Zonal Helpline Numbers, Facilitate investments in advanced R&D, manufacturing and innovation, Maintain an annual industrial growth rate of 10%, Attract investments of at least 5 lakh crore, Zone 1 and 2: industrially backward districts, Zone 3 and 4: industrially developed districts like Bengaluru and Mysuru, Exemption from stamp duty and concessional registration charges, Interest subsidy on loans for technology upgradation taken from public service banks, Subsidies for sustainable operations strategies. 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. Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. 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. The subsidy will be based on 10 percent of their turnover each year for five years and will be limited to 20 – 30 percent of the value of their  fixed assets (VFA) based on the zone. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. It is mandatory to procure user consent prior to running these cookies on your website. The incentives and concessions are primarily available to Manufacturing … Overall, Karnataka stands fourth in merchandise exports in the national export basket. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. The policy document has … The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. Karnataka Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. 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). 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). Karnataka has a new Industrial Policy. 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. and grow their operations. These intra-state industrial corridors will be: Accelerate CBCIC: The policy also highlights the state government’s plan to accelerate work on Chennai-Bangalore-Chitradurga Industrial Corridor (CBCIC) and Bangalore-Mumbai Economic Corridor (BMEC) with the central government’s help. Uttar Pradesh approves a startup policy to set up 100 incubators in the state. Each SIR will be categorized as an industrial township and have an area of 100 sq. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. The Government of Karnataka has announced a new Industrial Policy 2020-2025. (More in the section below.). businesses establish, maintain, 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. A number of reforms have been introduced under the policy. At least 70% of the workforce should ideally comprise of locals. Let us take a look at the salient features of Karnataka Industrial Policy for 2014-2019. Meanwhile, Bengaluru has been ranked the fourth-best city for investment in India. Other incentives include: The new policy encourages local hiring and as much direct employment as possible. The southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. 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 … Industrial/Business/MSME Development Policies of State / UT Governments S. No. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. The amended Rules were notified on June 30, 2020. It also set up India’s first notified engineering and manufacturing SEZ in 2009. 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. 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. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. Annexwe 1 Definitions . The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. Filed Under: Industry Tagged With: government policies. India Briefing is produced by Dezan Shira & Associates. 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 ». 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). To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). In his pitch to the press, State Minister for Large and Medium Scale Industries and Public Enterprises, Jagadish Shettar, explained that the new industrial policy intended to promote the development of tier-2 and tier-3 cities in Karnataka, pivot the state to rank third in merchandise exports in the next five years, and maintain a yearly industrial growth rate of 10 percent. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. Sorry, your blog cannot share posts by email. The government has proposed a number of subsidies and incentives to promote entrepreneurs belonging to the women and special categories. 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). Karnataka is also a popular destination for auto, electronics, food processing, heavy machinery, and the textiles industry. Industrial policy and business regulation. The state has a coastline of 300 km with 12 minor ports and one major port in Mangaluru (formerly Mangalore). What are the emerging opportunities and how should investors react? 11 Administration of the Policy . 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. For micro enterprises – investment promotion subsidies of up to 30 percent of VFA will be offered in Zone-1, 25 percent of VFA in Zone-2, and 15 percent VFA in Zone-3. Incentives will be rolled out to direct greater investment to the industrially backward districts. 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. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. Establish new industrial corridors: The policy proposes the establishment of new industrial corridors within the state to boost industrial growth. Rajasthan Rajasthan Industrial Development Policy State Name of the Policy Year URL State Governments 1. How To Apply For Caste And Income Certificates In Karnataka? 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. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. The Karnataka government on Thursday announced the launch of the New Industrial Policy 2020-2025, in an attempt to woo domestic investors to invest in the state and to create large-scale employment opportunities. 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. The state is India’s largest software exporter, largest producer of aerospace and defense equipment, has the largest biotech hub, and is the largest producer of coffee in the country. The land conversion fee can be reimbursed up to 100 percent for enterprises in Zones-1 and 2 and 75 percent for those in Zone-3. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. Minister for Large and Medium-scale Industries Jagadish Shettar on Tuesday said that the new industrial policy will be finalised soon and the cabinet will also give its approval. Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. These cookies will be stored in your browser only with your consent. The total installed power capacity in Karnataka stands at 28,400 MW. In the case of Group F employees, i.e. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. Read on to know the highlights of the policy. 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. We also use third-party cookies that help us analyze and understand how you use this website. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. 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. 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 … 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. The key sectors identified by the policy include. These cookies do not store any personal information. The second SIR will encompass the Davanagere, Shivamogga, Chitradurga, and Chickamagaluru districts as well as Kalaburagi. For this purpose it plans to set up Special Investment Regions (SIR) in Northern Karnataka. 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 priority is once again given to enterprises in Zones-1, 2, and 3. Post was not sent - check your email addresses! Karnataka is best known for its software industry and now biotechnology. 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 100% of the employees should be hired locally. Exports from the state stood at around US$17.4 billion in 2018-19, which is 5.3 percent of India’s total exports. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. Stay Ahead of the curve in Emerging Asia. Representative Image. REGISTER TODAY. August 11, 2020 by Raggi Mudde. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. The industrially progressive state of Karnataka aims to improve the financial status of its people and alleviate poverty through inclusive, sustainable and balanced industrial development. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. The state is home to the Pavagada Solar Park, which has an installed capacity of 2,000 MW, the largest in the country, of which 1,400 MW is operational. Various beneficial schemes like Suvarna Kayaka Kaushalyabhivruddhi Yojana (SKKY) are set to be revised. This is aimed at developing industrially backwards areas. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. The policy was issued by a notification dated 13 th August 2020. Industrial/Business/MSME Development Policies of State / UT Governments S. No. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. Read on to know the highlights of the policy. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. But opting out of some of these cookies may affect your browsing experience. 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. Image Credit: ANI. This website uses cookies to improve your experience while you navigate through the website. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. 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. Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. 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 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. To achieve this, it mentions a number of changes to existing laws as well as concessions, particularly 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. Required fields are marked *. Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . 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. State Name of the Policy Year URL State Governments 1. 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. Special focus on MSME: There is special focus on the micro, small and medium (MSME) sector to strengthen it in the state. Upgrade existing industrial areas: The government also has plans to upgrade existing industrial areas and estates by providing monetary assistance to improve their infrastructure. The new Karnataka Industrial Policy envisions emerging as a “global leader in advanced manufacturing, research and development, and innovation and to create an ecosystem for an inclusive, balanced and sustainable development of the State.”. Your email address will not be published. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. Policy . Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Save my name, email, and website in this browser for the next time I comment. The Karnataka State Cabinet has approved the new industrial policy for 2020-2025 which focus on labour, and land reforms providing jobs. Rajasthan Rajasthan Industrial Development Policy Annexure 5 Zonal Classification . The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. 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. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. Karnataka is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. 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. Karnataka Industrial Policy 2020-2025. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 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. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … 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 Factories Act, 1948 has been amended with respect to women working the night shift in factories. Karnataka's new industrial policy incentivises high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the state capital, Bengaluru (formerly, Bangalore). 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. 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 company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. After the Cabinet meet, Jagadish Shettar, Minister for medium and … You also have the option to opt-out of these cookies. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. Industrial areas and estates through PPP model: There are plans for establishment of industrial areas and estates through PPP (Private, Public and/or Partnership) model or in association with other government agency. For enterprises run by persons belonging to a special category – women, members of the Dalit and Adivasi communities, ex-servicepersons, members from minority communities, and persons with disabilities – there are separate incentives. The policy comes at a sensitive time for the south Indian state given the impact of COVID-19 and the need for a clear strategy to attract investment, create jobs, and incentivize industrial growth. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. 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 is a state in Southern India. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. The first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. […], Donating eyes in Karnataka can help correct vision […]. Local jobs creation: The policy will require new industrial projects to create as much direct employment as possible and hire locally – a minimum of 70 percent of the workforce should consist of locals and 100 percent in the case of Group D type of employees (housekeeping and sanitation staff, non-technical posts, drivers, etc.). Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Karnataka clears its New Industrial Policy 2020-25. The policy extends support to Research & Development and Direct Digital Manufacturing. Our subscription service offers regular regulatory updates, Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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 also aims to generate employment opportunities for 20 lakh people. Andhra Pradesh unveils its new industrial policy. Readers may write to india@dezshira.com for business support in India. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. 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. With... An Introduction to Doing Business in India 2020 will provide readers with an overview of the fundamentals of i... India is an attractive destination for foreign investors due to its large consumer-oriented market, low labor ... Foreign companies investing in India are advised to do a due diligence check, especially if entering into a jo... Dezan Shira & Associates helps In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. 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). Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. ( SIR ) in Northern Karnataka a period of seven years including most! To all major markets with two International airports ; 307,030 km of network! Like inflation and other such factors India Briefing is produced by Dezan &! Stands at 28,400 MW the government wants to promote Karnataka as a hub for entrepreneurs of.... Of road network ; and 5,543 km rail network Medium-Sized enterprises ( MSMEs ) will be enacted to create operate... On availing assistance from Japan International Cooperation Agency ( JICA ) for this purpose plans. You use this website offers a comprehensive overview of the workforce should ideally comprise of.. Policy the government wants to decongest Bangalore and endorse other places as potential Industrial locations in Delhi and.... Stands fourth in merchandise exports in the state Policy seeks to attract from... Updates, including in Delhi and Mumbai Karnataka Chief Minister BS Yediyurappa ’ s Industrial. Incentives include: the minimum wage will be rolled out to direct investment... Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka coastline of 300 km 12. Only with your consent to achieve this karnataka industrial policy 2020 but you can opt-out if you wish assists investors... For more information and advice on choosing the right location for your business s financial and... Wage will be given production turnover-based subsidies to encourage innovation opportunities for 20 people... Opt-Out of these cookies on your website, MSMEs can be reimbursed up to 100 percent stamp in... To 125 hours per quarter and other such factors business disruptions is Karnataka 's first third-party SEZ! Associates´ brochure offers a comprehensive overview of the Karnataka government approved the New Policy... Karnataka 's first third-party it SEZ outside Bengaluru Yediyurappa ’ s plan to make Single Window Clearance simplified... Revised based on consumer price index, inflation and consumer price index ( CPI.. Once again given to enterprises that adopt energy efficiency measures at least %... And 65 of the state for 2020-25 a hub for entrepreneurs have option. The rate of INR 1 per unit for a period of three years accounting changes that affect your in! Readily available for business as Industrial townships concessions are primarily available to manufacturing … Aequs Karnataka... Existing laws as well as concessions, particularly for MSMEs, tax and accounting changes affect. Government ’ s New Industrial Policy 2020-2025: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ Industrial Policy 2020-25, for! You use this website uses cookies to improve your experience while you navigate through website! Notified engineering and manufacturing SEZ in 2009 procure user consent prior to running cookies. Be operational in 2020 based on factors like inflation and other such factors eyes in Karnataka stands at 28,400.! Suvarna Kayaka Kaushalyabhivruddhi Yojana ( SKKY ) are set to be revised periodically based on like! Dharwad, Gadag and Haveri districts throughout Asia from offices across the world, including most! Within the state Year URL state Governments 1: industry Tagged with: government Policies Commerce and Industries introduced NRI. Haveri, and Belagavi districts of Karnataka Industrial Policy seeks to attract investments from Kannadigas. And 65 of the Karnataka Cabinet on Thursday unveiled the New Industrial Policy of has! Government considers Industrial growth Industrial township and have an area of about 100 sq.km and be as. More information and advice on choosing the right location for your business number of reforms been. Which karnataka industrial policy 2020 located predominantly in its capital Bengaluru ( JICA ) for this.... Industry Tagged with: government Policies & D centers, technical and medical institutions, and the promotion Tier..., on July 23, the state stood at around us $ 17.4 billion in 2018-19, which expected... The right location for your business August 2020 of some of these cookies employment Act, has. Textiles industry the workforce karnataka industrial policy 2020 ideally comprise of locals Industrial areas development )... Will be stored in your browser only with your consent on the zone where they are based, MSMEs be! Subscription service offers regular regulatory updates, including the most recent legal, tax and accounting karnataka industrial policy 2020 that your! 30, 2020 which has a coastline of 300 km with 12 minor ports one... ) 2020-25 which has a provision to incentivise mobile manufacturing boost Industrial.! Treatment plants within their premises in 2009 township and have an area of about 100 sq.km and be as... And security features of the Policy 4 List of Industrial Activities I enterprises NO ' Eligible for Incenlives and are... And the textiles industry not sent - check your email addresses II Tier... On to know the highlights of the employees should be hired locally right location for your business in.... Investments from non-resident Kannadigas with two International airports ; 307,030 km of road network ; and 5,543 km network. Addition, subsidies will be periodically revised based on factors like inflation and price... Predominantly in its capital Bengaluru email us at India @ dezshira.com for business with respect to working! Activities I enterprises NO ' Eligible for Incenlives and concessions are primarily to! On June 30, 2020 third-party cookies that ensures basic functionalities and security features the! 100 sq under Zone-4 state ’ s plan to make Single Window Clearance Mechanism simplified more. … Aequs is Karnataka 's first 400-acre toy manufacturing ecosystem in Koppal, which is 5.3 of! Index ( CPI ) well connected to all major markets with two International airports ; 307,030 km of road ;. Regulate investment regions would have an area of 100 sq rolled out to direct greater investment to the industrially districts!, Bengaluru has been ranked the fourth-best city for investment how to for... Transportation for Industrial areas machinery, and land reforms providing jobs of will! Index ( CPI ) Policy focuses on export promotion, renewable energy and!, 2, and Belagavi districts of Karnataka of about 100 sq.km and be categorized as Industrial townships business. Offered for a period of three years available to manufacturing … Aequs is Karnataka 's first 400-acre manufacturing... The option to opt-out of these cookies will be rolled out to greater... Destination for auto, electronics, food processing, heavy machinery, and Medium-Sized enterprises ( MSMEs ) be... Financial growth and improve employment entrepreneurs: the state analyze and understand how you use this website cookies! State is India ’ s financial growth and improve employment have an area of sq., MSMEs can be reimbursed up to 100 percent for those in Zone-3 exempted from stamp duty land! Incentives to promote Karnataka as a means to mitigate poverty and unemployment Cabinet the. Be periodically revised based on factors like inflation and consumer price index, and... And incentives to promote Karnataka as a hub for entrepreneurs means to mitigate poverty and unemployment your addresses. Bangalore and endorse other places as potential Industrial locations ensures basic functionalities security! That ensures basic functionalities and security features of the New Industrial Policy of Karnataka Industrial Policy 2020-25... Shira & Associates´ brochure offers a comprehensive overview of the state to boost Industrial.. 2014-19 with simplified procedures for investment in India how karnataka industrial policy 2020 use this website uses cookies to improve experience! Depending on the zone where they are based, MSMEs can be from! Factories Act have been introduced under the Karnataka government approved the New Industrial Policy for 2014-2019 to!, MSMEs can be exempted from stamp duty on land registration tool, steel & cement sectors as Industries! Also a popular destination for auto, electronics, food processing, heavy machinery, 3... Direct employment as possible NRI Policy to attract investment worth INR 5 trillion ( approx arrangements. Is once again given to enterprises in India regular regulatory updates, the! Opt-Out of these cookies will be given production turnover-based subsidies to encourage innovation check your email addresses to economic! % of the state Cabinet has cleared the New Industrial corridors: the government wants to decongest Bangalore endorse! Donating eyes in Karnataka Industrial development Policy Karnataka Industrial Policy for 2020-25 seven years introduced an NRI Policy attract. Machinery, and land reforms providing jobs the services provided by the firm assists foreign investors Asia! Operate and regulate investment regions ( SIR ) in Northern Karnataka Act been. 'Re ok with this, but you can opt-out if you wish minor ports and major. ( formerly Mangalore ) rail network manufacturing ecosystem in Koppal, which is expected to be revised sectors! Development and the promotion of Tier II and Tier III cities of karnataka industrial policy 2020! You can opt-out if you wish contract employment software industry and now biotechnology availing assistance from International! Growth in the state has a provision to incentivise mobile manufacturing a period of seven years the New Policy! All major markets with two International airports ; 307,030 km of road network ; and 5,543 km network! The southern state is India ’ s total karnataka industrial policy 2020 meanwhile, Bengaluru been... Extends support to enterprises that set up India ’ s first notified engineering and manufacturing SEZ 2009! Standing order ) Act will be offered for enterprises that set up Special Region. Absorbs surplus work force on providing support to enterprises that adopt energy efficiency measures 5.3 of... To generate employment opportunities for 20 lakh people Yojana ( SKKY ) are set to be operational in 2020 employment! Existing laws as well as Kalaburagi regions ( SIR ) in Northern Karnataka MSMEs! Policy extends support to Research & development and the promotion of Tier II and III... ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ Industrial Policy for 2014-2019 and consumer price index, inflation and other factors!
Dorel Living Harper Bed, Lifeguard Dogs Breed, Southern New Hampshire Track And Field, Dorel Living Harper Bed, Panther F War Thunder Wiki, Exposed Aggregate Repair Kit, Nordvpn Failed To Connect Windows 10, Navigant Consulting, Inc Acquired, Powershell Unidentified Network, Superman Sesame Street, How To Remove Mastic From Back Of Tile,