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Karnataka government has come up with a new industrial policy that aims to grow other cities in the state, increase the push for local manufacturing and also generate Rs 400,000 crore worth of software exports by 2020.
The policy, which has been in the works since last November aims to address the slowdown faced in the IT sector that in turn has impacted job creation over the last few years. To achieve this stated objective, the Karnataka government is rolling out the red carpet to corporates to form Public Private Partnerships (PPP) across all industries from IT to toy manufacturers.
The policy has a stated objective of growing at 12 per cent every year, powered by manufacturing and also has an eye on creating around 15 lakh jobs in the state. “We had already thought of a manufacturing policy much before the centre and are looking at getting investments of Rs 5 lakh crore by 2019,” said CM Siddaramiah.
The policy is also looking at building infrastructure for promoting industries, an issue which all the business asociations have been vocal in their meetings with the government authorities. “Five industrial areas every year, covering an area of 5000-8000 acres, with the support of power and water in these regions will be provided,” he added.
The Karnataka government is also looking at PPP in establishing this industrial zones. There were goodies for the Micro, Small and Medium Enterprises (MSME), which contributes 8 per cent of India's GDP. “Special attention has been given to MSMEs and we propose to double the fiscal incentives when compared to the previous policy,” Siddaramiah said. Also, the government has earmarked 22.5 per cent of allotable land to SC-ST entreprenuers and two exclusive industrial estates for women entreprenuers and a reservation of 5 per cent has been proposed.
Stating cateogorically that many mining-related projects, which got a nod in the earlier Global Investor Meet have been stalled for a lack of clear policy of the state with regard to mining, said Siddaramaiah.
The government has also proposed industrial corridors all over the state and also laid emphasis on ease of doing business, such as reducing inspections, online submission of forms to boost the investment morale in the state.
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