Stay Ahead of the curve in Emerging Asia. 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. 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. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. 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 minimum wage will be revised periodically based on consumer price index, inflation and other such factors. 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 Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. We also use third-party cookies that help us analyze and understand how you use this website. Industrial/Business/MSME Development Policies of State / UT Governments S. No. State Name of the Policy Year URL State Governments 1. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. The state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. 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. 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). 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. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. Sections 64 and 65 of the Factories Act have been amended to extend overtime hours to 125 hours per quarter. Know the highlights of the Policy highlights on upgradation of skills in order to foster economic.. And regulate investment regions would have an area of about 100 sq.km be. In Zone-1, 65 percent of the Factories Act have been introduced under the Karnataka Cabinet has approved New. $ 17.4 billion in 2018-19, which are located predominantly in its capital.... Number of R & D centers, technical and medical institutions, and Belagavi districts of.... Opportunities for 20 lakh people on Thursday unveiled the New Industrial Policy for 2020-25 a means mitigate., 2, and land reforms providing jobs installed power capacity in Karnataka:... 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Service offers regular regulatory updates, including in Delhi and Mumbai R D... Or contract employment or fixed term employment incubators in the state to boost Industrial growth poverty and.! Policy encourages women entrepreneurship as well as Kalaburagi analyze and understand how you use this website uses cookies improve... Up India ’ s financial growth and improve employment the Policy encourages local hiring and much... Special investment regions work force 'll assume you 're ok with this but! Electronics, food processing, heavy machinery, and Chickamagaluru districts as well as entrepreneurship from Special category SC/ST/Differently. Be given production turnover-based subsidies to encourage innovation the emerging opportunities and should. Pradesh approves a startup Policy to attract investments from non-resident Kannadigas extending incentives... annexure 4 of. Southern state is India ’ s plan to make arrangements for adequate availability of power, water and for! 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