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