Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. Policy . 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. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. 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). The policy highlights the government’s plan to make sufficient land readily available for business. Rajasthan Rajasthan Industrial Development Policy After the Cabinet meet, Jagadish Shettar, Minister for medium and … 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. 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. businesses establish, maintain, 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). The Industrial Employment Act, 1946 has been amended to allow contract employment or fixed term employment. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. It also aims to generate employment opportunities for 20 lakh people. 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 company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. 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. It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. 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. Representative Image. This category only includes cookies that ensures basic functionalities and security features of the website. 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.). Uttar Pradesh approves a startup policy to set up 100 incubators in the state. Read on to know the highlights of the policy. Our subscription service offers regular regulatory updates, Karnataka is best known for its software industry and now biotechnology. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. 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 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.”. Development of industry, trade and service sector promotes higher capital formation, improves per capita income level and absorbs surplus work force. 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. The policy was issued by a notification dated 13 th August 2020. Karnataka clears its New Industrial Policy 2020-25. 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. Karnataka Industrial Policy for 2014-2019 aims to revive the state’s financial growth and improve employment. The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 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. This website uses cookies to improve your experience. 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. At least 70% of the workforce should ideally comprise of locals. 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. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. The priority is once again given to enterprises in Zones-1, 2, and 3. Gujarat announces its Industrial Policy, 2020. 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 first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. These cookies will be stored in your browser only with your consent. 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. The total installed power capacity in Karnataka stands at 28,400 MW. 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. Let us take a look at the salient features of Karnataka Industrial Policy for 2014-2019. August 11, 2020 by Raggi Mudde. 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. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. km. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. Exports from the state stood at around US$17.4 billion in 2018-19, which is 5.3 percent of India’s total exports. Save my name, email, and website in this browser for the next time I comment. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. including the most recent legal, tax and accounting changes that affect your business. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Post was not sent - check your email addresses! The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. Image Credit: ANI. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Overall, the new industrial policy seeks to attract investment worth INR 5 trillion (approx. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. It also set up India’s first notified engineering and manufacturing SEZ in 2009. The second SIR will encompass the Davanagere, Shivamogga, Chitradurga, and Chickamagaluru districts as well as Kalaburagi. 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 a state in Southern India. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. The policy extends support to Research & Development and Direct Digital Manufacturing. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. 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