Karnataka's new industrial policy to generate 15 lakh jobs, Rs 5 lakh cr investment
Updated: Sep 12, 2014 03:13:07pm
Bengaluru, Sept 12 (KNN) The Karnataka State Cabinet has approved the draft of the new industrial policy for the period 2014-19 which is expected to generate 15 lakh additional jobs and attract investments up to Rs 5 lakh crore in the next five years.
According to media reports, the state cabinet met here yesterday in a meeting presided over by the Chief Minister Siddaramaiah.
Speaking to reporters after the meeting, Law and Parliamentary Affairs Minister, T B Jayachandra said that the policy is likely to create 15 lakh additional jobs and create an investment friendly environment.
The much-awaited document has policy measures covering various aspects relating to the SMEs, manufacturing sector as well as tax concessions, reports media.
In an effort to enhance the contribution of the manufacturing sector to the State GDP to 20 per cent, the policy has abolished trade licences for micro, small and medium enterprises (MSMEs) in municipal areas.
Further, in the new industrial policy, Public Procurement Act would be amended to procure more items manufactured by MSMEs; and the list of items manufactured by SMEs shall be increased from 28 to 358.
In addition, the number of industrial zones has been increased from the present 4 to 6. This is expected to simply the decision making process on issues concerning the industries. The new policy classifies 176 taluks into six industrial zones against four in the 2009-14 industrial policy.
As far as tax related incentives are concerned, they come in the form of interest free loans of 100 per cent of value added tax (VAT) and Central sales tax (CST) with the maximum of 100 per cent of value fixed asset for a period of 7 to 14 years depending upon investment and zone, the media report said. (KNN/ES)
According to media reports, the state cabinet met here yesterday in a meeting presided over by the Chief Minister Siddaramaiah.
Speaking to reporters after the meeting, Law and Parliamentary Affairs Minister, T B Jayachandra said that the policy is likely to create 15 lakh additional jobs and create an investment friendly environment.
The much-awaited document has policy measures covering various aspects relating to the SMEs, manufacturing sector as well as tax concessions, reports media.
In an effort to enhance the contribution of the manufacturing sector to the State GDP to 20 per cent, the policy has abolished trade licences for micro, small and medium enterprises (MSMEs) in municipal areas.
Further, in the new industrial policy, Public Procurement Act would be amended to procure more items manufactured by MSMEs; and the list of items manufactured by SMEs shall be increased from 28 to 358.
In addition, the number of industrial zones has been increased from the present 4 to 6. This is expected to simply the decision making process on issues concerning the industries. The new policy classifies 176 taluks into six industrial zones against four in the 2009-14 industrial policy.
As far as tax related incentives are concerned, they come in the form of interest free loans of 100 per cent of value added tax (VAT) and Central sales tax (CST) with the maximum of 100 per cent of value fixed asset for a period of 7 to 14 years depending upon investment and zone, the media report said. (KNN/ES)
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