Karnataka to have special focus on MSMEs in its new industrial policy

Bengaluru, Jun 29 (KNN) In a bid to boost the economy, Karnataka's new industrial policy would have special focus on Micro, Small, and Medium Enterprises (MSMEs), said Chief Minister BS Yediyurappa.

Yediyurappa said this on Saturday, while speaking at the virtual launch of a report titled ‘Improving Economic Dynamism and Accelerating MSME Growth’ by Global Alliance for Mass Entrepreneurship (GAME), which works as an industry body for MSMEs.

''Karnataka will soon launch its new industrial policy. The policy has special focus on encouraging the MSMEs to become more competitive at the global stage. The new industrial policy will replace one that covered the 2014-2019 period,'' Yediyurappa asserted.

“My team has been tirelessly working to provide support to MSMEs. We've helped industries with their labour requirements, facilitated the movement of goods, ensured adequate safety and fast-tracked government approvals for resuming operations,” he added.

Yediyurappa also hailed the proposed amendments to the Karnataka Land Reforms Act and the Karnataka Industries (Facilitation) Act.

 “We’re also working on the policy front to provide a supportive business environment. We’ve recently announced land and labour reforms that will help industry set up faster and operate more efficiently,” he said.

He further said that the state government is amending the Industries Facilitation Act to create an MSME-friendly investment climate.

“Through these amendments, industries can start operations without obtaining approvals from different departments like trade licences, building plan approvals etc,'' he avowed.

Karnataka will introduce “self-certification” provisions in the approval process for new investments, the CM said. “The requirements to start a new business in the state will be simplified," he added.

While commenting on vocal for local, the Chief Minister said that Strengthening the MSME sector is the primary step to achieve this.