BENGALURU: Karnataka’s new industrial policy aims at attracting Rs 5 lakh crore investments that could create employment for 20 lakh people by 2025, said Large and Medium Industries Jagadish Shettar here on Tuesday.
Releasing the New Industrial Policy 2020-25 handbook, Shettar said the policy aims to build a prosperous Karnataka and create large-scale employment opportunities. The new policy will bring several incentives and regulatory reforms such as land access and labour market regulation. It also aims at the holistic development of the state and looks beyond Bengaluru to promote Tier-2 and Tier-3 cities as engines of economic growth, Shettar said.
The policy has also grouped districts into three zones to incentivize investments in the industrially backward districts. The industrially backward districts are classified in Zone-1 & 2, and Bengaluru Urban and Rural districts are classified in Zone-3, Shettar explained.
Shettar said all new industrial investment projects shall create maximum possible direct employment opportunities with a minimum employment of 70% to Kannadigas on an overall basis and 100% in case of Group C and D employees. According to the Ministry of Industry and Internal Trade Promotion of the Ministry of Commerce and Industry, as many as 95 investment proposals have been registered in the state, amounting to Rs 1,54,937 crore. Between August 2019 and December 2020, the State High-Level Committee and the State High-Level Single Window Clearance Committee have approved 410 new projects, Shettar said.
From October 2019 to September 2020, the Foreign Direct Investment flow has been `58,204 crore, he added. Gaurav Gupta, Additional Chief Secretary, Commerce and Industries Department and Gunjan Krishna, Commissioner for Industrial Development and Director of Industries and Commerce, were among those present.
New opportunities
As many as 95 investment proposals have been registered in the state
Rs 1,54,937 cr is the total cost
A total of 410 new projects have been approved. These proposals would bring in an investment of Rs 82,015 crore