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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. 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. August 11, 2020 by Raggi Mudde. 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. km. 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.). 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. 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. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. Micro and small enterprises can avail reimbursement of power tariffs at the rate of INR 1 per unit for a period of three years. You also have the option to opt-out of these cookies. 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. 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. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. 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. 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. 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. 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. Karnataka Industrial Policy 2020-2025. Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. Readers may write to india@dezshira.com for business support in India. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Karnataka is a state in Southern India. 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. In August, Karnataka announced New Industrial Policy (NIP) 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). 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. Read on to know the highlights of the policy. 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. Each SIR will be categorized as an industrial township and have an area of 100 sq. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. The policy highlights the government’s plan to make sufficient land readily available for business. Uttar Pradesh approves a startup policy to set up 100 incubators in the state. 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 State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. Wage revisions: The minimum wage will be periodically revised based on factors like inflation and consumer price index (CPI). 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 incentives and concessions are primarily available to Manufacturing … Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. 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 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. Karnataka is well connected to all major markets with two international airports; 307,030 km of road network; and 5,543 km rail network. Quality training and certification: The policy highlights on upgradation of skills in order to foster economic growth in the state. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. Rolled out to direct greater investment to the industrially backward districts come under Zone-4 and... 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