BENGALURU: The state Cabinet on Thursday approved the Special Investment Region Act to ensure that work for investors and industrialists is done at greater speed.
The Bill allows the government to create a special authority that acts as a single-window clearance system, which exists in Gujarat.
Law Minister JC Madhuswamy said Karnataka is coming up with a new Bill that allows special investment zones across the state. Initially, Tumakuru and Dharwad districts will be notified as special investment zones, and an investment authority will be formed at the state level.
He said the investment authority will monitor the process of setting up zones, including land acquisition, fixing tax slabs and tax collection, and added that 30% of tax collected will be given to the local body. However, he said the KIADB will not be abolished, but will have additional responsibilities.