BENGALURU: The state government unveiled its new Industrial Policy 2024-29 during the launch of Global Investors’ Meet -- Invest Karnataka 2025 here on Tuesday.
The policy aims at generating 20 lakh jobs by 2029 in the state. Through the policy, the process of granting approvals for investment proposals will be streamlined through digitalisation and a single window system.
Special incentives will be given for industries which give importance to women staffers and promote gender inclusivity. Additional incentives will be given to those setting up units in backward and most backward taluks to ensure equitable industrial growth.
Chief Minister Siddaramaiah, Deputy CM DK Shivakumar and Industry Minister MB Patil unveiled the policy.
According to a press release, the policy reaffirms Karnataka’s commitment to fostering sustainable, inclusive, and innovation-driven industrial growth.
“By introducing investor-friendly initiatives, sustainability incentives, and workforce development programmes, the state aims to strengthen its position as a premier industrial and investment hub in India,” it stated. The government expects the annual growth rate of the manufacturing sector at 12 per cent, targeting an investment of Rs 7.5 lakh crore.
Industrial Policy to focus on balanced regional growth
The industrial policy also aims at positioning Karnataka as a leader in sustainable industrial practices through incentives for green manufacturing.
The government wants to maintain Karnataka’s leadership in ESDM, advanced manufacturing, aerospace, defence and future mobility. The policy focuses on ensuring a balanced regional growth by promoting industrial expansion in underdeveloped areas.
The release said the government wants to recognise the growing significance of logistics and warehousing. To address the industry’s skill shortage, the government will introduce workforce upskilling initiatives, including industry-connected workshops and skill-gap assessments, vocational and technical training programmes aligned with industry needs, and specialised courses for industrial training institutes (ITIs).
“These efforts aim to bridge skill gaps, enhance competency, and create a highly skilled workforce for the logistics and warehousing industry,’’ the release said.