Salient features of New Industrial Policy 2020-25

The Karnataka State Government has formulated a new industrial policy for 2020-2025 and the salient features of New Industrial Policy 2020-25 are as follows:

  1. Objectives:
    1. To attract investments worth INR 5 Lakh crore.
    2. To create employment opportunities for 20 Lakh people.
    3. To reach 3rd position in merchandise exports in the next five years.
    4. To maintain an industrial growth rate of 10 per cent per annum.
    5. To provide an enabling ecosystem for technology adoption and innovation.
  2. Strategies:
    1. Promote sustainable, balanced and inclusive industrial growth.
    2. Enable employment generation and increase labour market flexibility through regulatory labour reforms.
    3. Create strategic tie-ups for the emergence of Karnataka as the Knowledge and R&D Hub.
    4. Focus on development and promotion of the MSME Sector.
    5. Facilitate availability of industrial land.
    6. Promote Tier II / III cities of the State as engines of economic growth.
    7. Place Karnataka in the forefront of India's international trade.
    8. Attract private investment in development of integrated / multi / sectoral industrial parks and flatted factories.
    9. Create an environment to enhance ease of doing business in the State
    10. Support for R&D & Technology Upgradation

The New Industrial Policy 2020-25 and package of incentives and concessions shall come into effect from 13.08.2020 and will be valid for a period of 5 years or till a new policy is announced.

The notification can be found here.

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