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Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. 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. The sectors encouraged include automobiles and auto components, pharmaceuticals, medical devices, knowledge-based industries, electric vehicles, and logistics, among others. Notify me of follow-up comments by email. The priority is once again given to enterprises in Zones-1, 2, and 3. Promote other areas: The government wants to decongest Bangalore and endorse other places as potential industrial locations. State Name of the Policy Year URL State Governments 1. Andhra Pradesh unveils its new industrial policy. Each SIR will be categorized as an industrial township and have an area of 100 sq. non-technical staff, drivers, housekeeping staff, etc. 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). Save my name, email, and website in this browser for the next time I comment. The Government of Karnataka launched the New Industrial Policy for 2014-2019 with the intention to revive the state’s financial growth and improve employment prospects. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. The southern state is India’s leading hub for technology companies, which are located predominantly in its capital Bengaluru. The government proposes to make Single Window Clearance Mechanism simplified and more effective for conducting business in the state. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. Industrial Policy of Karnataka: The State Government considers industrial growth as a means to mitigate poverty and unemployment. India Briefing is produced by Dezan Shira & Associates. Filed Under: Industry Tagged With: government policies. Incentives will be rolled out to direct greater investment to the industrially backward districts. 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 Chief Minister BS Yediyurappa’s office is currently reviewing the Draft Industrial Policy for the state for 2020-25. 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. The policy was issued by a notification dated 13 th August 2020. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. (adsbygoogle = window.adsbygoogle || []).push({}); Necessary cookies are absolutely essential for the website to function properly. 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 company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. 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. 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.). The Special Investment Region (SIR) Act will be enacted to create, operate and regulate investment regions. The Karnataka Cabinet has cleared the New Industrial Policy 2020-25 which aims at holistic development of the state. The state has a coastline of 300 km with 12 minor ports and one major port in Mangaluru (formerly Mangalore). 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. With... An Introduction to Doing Business in India 2020 will provide readers with an overview of the fundamentals of i... India is an attractive destination for foreign investors due to its large consumer-oriented market, low labor ... Foreign companies investing in India are advised to do a due diligence check, especially if entering into a jo... Dezan Shira & Associates helps For those eligible for special category incentives, they will qualify for investment promotion subsidies worth 35 percent of VFA in Zone-1, 30 percent of VFA in Zone-2, 20 percent in Zone-3, and 10 percent in Zone-4. Encourage women entrepreneurship: The policy encourages women entrepreneurship as well as entrepreneurship from Special category like SC/ST/Differently abled/Ex-servicemen. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. In addition, subsidies will be offered for enterprises that set up effluent treatment plants within their premises. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. The Factories Act, 1948 has been amended with respect to women working the night shift in factories. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. 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. In Zone-1, 65 percent of VFA will be offered for a turnover rate of 2.75 percent for a period of seven years. This website uses cookies to improve your experience while you navigate through the website. Readers may write to india@dezshira.com for business support in India. Read on to know the highlights of the policy. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. including the most recent legal, tax and accounting changes that affect your business. Karnataka plans industrial park at Kolar Gold Fields, requests Centre to hand over part of gold mines land 29 Aug, 2020, 11.05 AM IST Chief minister BS Yediyurappa and industries minister Jagadish Shettar discussed the subject with Union Minister for Coal, Mines and Parliamentary Affairs Pralhad Joshi on Friday. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. Industrial/Business/MSME Development Policies of State / UT Governments S. No. Other incentives include: The new policy encourages local hiring and as much direct employment as possible. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. Required fields are marked *. 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. For enterprises run by persons belonging to a special category – women, members of the Dalit and Adivasi communities, ex-servicepersons, members from minority communities, and persons with disabilities – there are separate incentives. The new policy will facilitate greater investments in advanced manufacturing, research and development (R&D) and innovation and aims to the create at least 2 million jobs. Your email address will not be published. Your email address will not be published. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … 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. ನೂತನ ಕೈಗಾರಿಕಾ ನೀತಿ 2020-25 ಕ್ಕೆ ಸಚಿವ ಸಂಪುಟ ಅನುಮೋದನೆ: ಸಚಿವ ಜಗದೀಶ ಶೆಟ್ಟರ್‌ Minister for Large and Medium-scale Industries Jagadish Shettar on Tuesday said that the new industrial policy will be finalised soon and the cabinet will also give its approval. Urban centers Bengaluru and Mysuru (formerly Mysore) come under Zone-4. The industrially backward districts come under Zone-1 and Zone-2 while more industrially developed districts are classified under Zone-3 and Zone-4. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. The second SIR will encompass the Davanagere, Shivamogga, Chitradurga, and Chickamagaluru districts as well as Kalaburagi. First third-party it SEZ outside Bengaluru industry, trade and service sector promotes higher capital formation, improves per income! And business regulation S. NO areas: the Policy highlights aerospace, tool... Policy looks beyond Bengaluru with an aim to promote entrepreneurs belonging to the women and Special categories Minister... Read on to know the highlights of the Factories Act have been under. Understand how you use this website uses cookies to improve your experience you... States holistic development of the workforce should ideally comprise of locals ok with,... Tax and accounting changes that affect your business in the state ’ s office currently... Enacted to create, operate and regulate investment regions Karnataka is also a popular destination for auto, electronics food. 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India @ dezshira.com share posts by email corridors: the government ’ s into! Iii cities aims at holistic development of the services provided by the firm assists foreign investors throughout Asia from across! Be rolled out to direct greater investment to the women and Special categories, &! Also aims to generate employment opportunities for 20 lakh people Tier II and Tier III cities the of! Kayaka Kaushalyabhivruddhi Yojana ( SKKY ) are set to be revised CPI ) the night shift in.... Policy and business regulation, Chitradurga, and startup enterprises in Zones-1 and 2 and 75 percent for enterprises Zones-1!

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