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 sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. Your email address will not be published. Annexure 5 Zonal Classification . and grow their operations. 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. 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. 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.). 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. Filed Under: Industry Tagged With: government policies. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. The southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. Read on to know the highlights of the policy. 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). 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 … Post was not sent - check your email addresses! 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. Notify me of follow-up comments by email. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … Karnataka is best known for its software industry and now biotechnology. 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. (More in the section below.). 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. businesses establish, maintain,

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