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. Overall, Karnataka stands fourth in merchandise exports in the national export basket. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. 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 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. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. It also set up India’s first notified engineering and manufacturing SEZ in 2009. Establish new industrial corridors: The policy proposes the establishment of new industrial corridors within the state to boost industrial growth. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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.”. 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 state government plans on availing assistance from Japan International Cooperation Agency (JICA) for this purpose. This website uses cookies to improve your experience while you navigate through the website. 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. Karnataka Industrial Policy 2020-2025. 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. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. 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 … In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). August 11, 2020 by Raggi Mudde. 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. Save my name, email, and website in this browser for the next time I comment. State Name of the Policy Year URL State Governments 1. 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. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. Special investment regions would have an area of about 100 sq.km and be categorized as industrial townships. including the most recent legal, tax and accounting changes that affect your business. Your email address will not be published. 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’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 industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. After the Cabinet meet, Jagadish Shettar, Minister for medium and … The incentives and concessions are primarily available to Manufacturing … For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. 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. You also have the option to opt-out of these cookies. 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 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Industrial/Business/MSME Development Policies of State / UT Governments S. No. Read on to know the highlights of the policy. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. Filed Under: Industry Tagged With: government policies. 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. 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. 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 priority is once again given to enterprises in Zones-1, 2, and 3. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. Andhra Pradesh unveils its new industrial policy. 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