Karnataka to get new industrial policy soon

Bengaluru, July 24 (KNN) Karnataka Chief Minister Siddaramaiah on Saturday informed that the state will soon come up with a new Industrial policy.

Speaking at the 'State Export Excellence Awards' organised by the Department of Commerce and Industry and the Visvesvaraya Trade Promotion Centre (VTPC), the chief minister said, “In the past, the industrial policy implemented by our government was appreciated by the industry fraternity. It was known to be the most progressive industrial policy. Our government will shortly discuss with industrialists and the exporters to bring out a new and progressive industrial policy.”

"Industrial development promotes employment and economic development. Economic development subsequently improves the GDP and better law and order in the country. These factors lead to investments,” he explained.

At the event, deputy CM D K Shivakumar pointed out that Bengaluru is known as a knowledge, IT, cultural and educational hub. "We are also the number 1 choice when it comes to investments. This is a matter of pride for all of us," he said.

As per reports, the current government’s objective is to encourage industrialisation in tier 2-3 cities of the state to make sure everything does not become Bengaluru centric.

Minister of Large and Medium Industries M B Patil said, "Vision groups will be formed in selected seven sectors to promote the growth of industries. Supporting and encouraging MSMES is the social responsibility of this government. We will be working with Tata Technology to empower MSMEs," he said.

The Export Preparedness Index (EPI) ranking by NITI Aayog for Year 2022 has ranked Karnataka as the No.1 State in the country in two parameters namely Policy Pillar and Business EcoSystem Pillar. NITI Aayog’s Ranking of States was announced on July 17, 2023.  (KNN Bureau)