Karnataka's new industrial policy provides concessions to MSMEs

Bangalore, July 24 (KNN) The Karnataka's government new Industrial Policy 2020-25 provides concessions to Micro, Small and Medium Enterprises (MSMEs) sector. 

While addressing the media after the Cabinet approved the Industrial Policy 2020-25, on Thursday, Minister for Large and Medium Scale Industries and Public Enterprises Jagadish Shettar said, ''the policy intends to promote Tier II and Tier III cities.''

''Besides making changes in law to ensure ease of business, the new policy also provides a number of concessions, particularly for MSME sectors and the units coming up in Tier II and Tier III cities,'' he added.

The minister also said that the policy has been developed with a vision to “emerge as a global leader in advanced manufacturing, research and development, and innovation and to create an ecosystem for an inclusive, balanced and sustainable development of the State.

The other concessions or incentives include exemption from stamp duty and concessional registration charges, reimbursement of land conversion fee, exemption from tax on electricity tariff for MSMEs, power subsidy for Micro & Small Enterprises, support to artisans, interest subsidy on MSME technology up-gradation loans.

“Creation of enabling environment, development of infrastructure, to provide equitable opportunities for the people of the state particularly in industrially backward districts and Tier II and Tier III cities and ensuring inclusive development of investment within the state are highlights of the new policy,'' the minister added.