We'll assume you're ok with this, but you can opt-out if you wish. State Name of the Policy Year URL State Governments 1. Stay Ahead of the curve in Emerging Asia. MSMEs will also be offered a 100 percent exemption from tax on power tariffs for a period of seven years in Zone-1, six years in Zone-2, and five years in Zone-3. The policy highlights the government’s plan to make sufficient land readily available for business. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. 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. 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. Post was not sent - check your email addresses! It plans to make arrangements for adequate availability of power, water and transportation for industrial areas. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. 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. 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 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 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. After the Cabinet meet, Jagadish Shettar, Minister for medium and … The Karnataka cabinet on Thursday approved a new industrial policy for 2020-2025 in which it said it aimed to ensure that 70% overall employment in all fresh investments go to local Kannadigas. The policy mentions funding (VC fund, angel funding), providing subsidies for allocating spaces to entrepreneurs to set up business, technological support and good infrastructure among the facilities to be extended for the growth of the sector in the state. For enterprises operated by persons qualifying for special category incentives, a 100 percent concession of stamp duty is available in Zones-1, 2, and 3 and a 75 percent concession in Zone-4. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Industrial policy and business regulation. including the most recent legal, tax and accounting changes that affect your business. 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 first SIR will encompass the Dharwad, Belagavi, Gadag and Haveri districts. The Karnataka Cabinet on Thursday cleared the State’s New Industrial Policy 2020-25. Karnataka Industrial Policy 2020-2025. Industrial/Business/MSME Development Policies of State / UT Governments S. No. 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. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. The New Industrial Policy 2020-25 outlines investment promotion subsidies for enterprises according to their scale of production, turnover, and whether they are operated by persons belonging to special categories. […], Donating eyes in Karnataka can help correct vision […]. Karnataka has a new Industrial Policy. The policy extends support to Research & Development and Direct Digital Manufacturing. The policy highlights aerospace, machine tool, steel & cement sectors as focus industries. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. The Karnataka Industrial Policy 2020-25 is aimed at the states holistic development and the promotion of Tier II and Tier III cities. 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. Policy . The Industrial Employment (Standing Order) Act, 1946 has been amended to permit fixed term employment or contract employment. 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. A number of reforms have been introduced under the policy. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. To achieve this, it mentions a number of changes to existing laws as well as concessions, particularly for MSMEs. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. 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 amended Rules were notified on June 30, 2020. The policy was issued by a notification dated 13 th August 2020. The state is home to the Pavagada Solar Park, which has an installed capacity of 2,000 MW, the largest in the country, of which 1,400 MW is operational. We also use third-party cookies that help us analyze and understand how you use this website. State Name of the Policy Year URL State Governments 1. For this purpose it plans to set up Special Investment Regions (SIR) in Northern Karnataka. To fulfil this objective it has plans for establishment of new industrial areas through KIADB (Karnataka Industrial Areas Development Board). Filed Under: Industry Tagged With: government policies. Karnataka is best known for its software industry and now biotechnology. This category only includes cookies that ensures basic functionalities and security features of the website. The minimum wage will be revised periodically based on consumer price index, inflation and other such factors. Upgrade existing industrial areas: The government also has plans to upgrade existing industrial areas and estates by providing monetary assistance to improve their infrastructure. In August, Karnataka announced New Industrial Policy (NIP) 2020-25. The new Karnataka Industrial Policy envisions emerging as a “global leader in advanced manufacturing, research and development, and innovation and to create an ecosystem for an inclusive, balanced and sustainable development of the State.”. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. But opting out of some of these cookies may affect your browsing experience. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. Representative Image. Karnataka also hosts the highest number of R&D centers, technical and medical institutions, and startup enterprises in India. Wide range of fiscal and policy incentives for businesses under the Karnataka Industrial Policy, 2014-19 with simplified procedures for investment. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. The policy also stipulates that MSMEs qualify for interest subsidy on technology upgradation loans of up to 10 percent for a period of five years. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Moving beyond the capital, Bengaluru: The new industrial policy groups Karnataka’s districts into three zones to develop areas considered to be industrially backward. (More in the section below.). The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. On July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. Required fields are marked *. 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). The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. India Briefing is produced by Dezan Shira & Associates. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. 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 state ranked third among Indian states in terms of foreign direct investment (FDI) inflows, attracting FDI worth US$40.7 billion between 2000 and 2019. 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. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. 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