Incentives galore for artisans, businesswomen in Karnataka

This assistance can be used for marketing and promoting their products, enabling them to reach broader markets.
Representative Image
Representative ImagePhoto | Express

BENGALURU: To promote local art and modernise traditional industries, the state government has revamped its industrial policy to provide incentives to artisans and women entrepreneurs.

Accordingly, the revamped policy provides a 75% grant for machinery and tools for associations of artisans and craft complexes. Besides, incentives such as loans on 4% interest and 10% market development assistance for handicraft products will be extended. Industries Minister MB Patil said the state now offers free training in e-marketing and ICT at the National Institute of Design and the National Institute of Fashion Technology, among others, with a scope for study tours.

Patil said the artisans have been getting concessions for their stalls at key locations. Steps have been taken to encourage them to participate in the national-level ‘haat’ event to showcase and sell their products.

Officials from the Commerce and Industries Department said the move to offer loans on 4% interest towards working capital will help reduce the financial burden on artisans. The affordable credit plan will help artisans manage their cash flow, purchase raw material, and invest in upgrading their products. An official said the 10% MDA on turnover of handicraft products will help artisans get financial support that directly correlates with their sales. This assistance can be used for marketing and promoting their products, enabling them to reach broader markets. MDA also encourages artisans to enhance the quality and appeal of their products to boost turnover and receive higher assistance.

Patil said to support and encourage women entrepreneurs, the revamped policy will provide them many specific incentives, including 5% land allotment by Karnataka Industrial Areas Development Board (KIADB) and Karnataka State Small Industries Development Corporation (KSSIDC). In addition, women-led MSMEs will benefit from a 5% additional investment promotion subsidy across all categories and a 10% subsidy for micro and small industries in urban areas. They will also be provided extended benefits such as an additional one to four years of electricity tariff exemption, a technology adoption subsidy covering up to 50% of costs, and a 50% subsidy for technology business incubation centres.

Patil said as part of the Global Investors’ Meet ‘25, Karnataka will organise ‘SME Connect ’25 vendor development conclave’ to connect MSMEs with potential buyers within the dedicated clusters.

“The objective is to facilitate business and industry collaboration by providing a platform for local manufacturers to showcase their products and connect with potential buyers. Through this initiative, the state aims to integrate local resources and indigenous products with new investments and projects, ensuring that local businesses play a vital role in Karnataka’s economic growth,” he said. Patil said comprehensive training and upskilling programmes will be organised for MSMEs, including on Industry 4.0 technologies, to ensure that industrial growth is inclusive, benefiting rural areas and promoting overall economic development of the state.

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