New industrial policy soon: Karnataka CM
A new industrial policy will be rolled out soon keeping in mind the comprehensive development of industries, especially priority sectors in the backward areasoftier-2andtier-3centres, Karnataka Chief Mini ste rH D Kumaraswamy said Friday.
Presenting his coalition government’s second Budget in the legislative assembly, he said, under a multipurpose scheme called “Compete with China”, nine industrial clusters will be established in nine districts, aimed at promoting manufacturing in the state.
“The existing 2014-2019 industrial policy will expire in September 2019. A new policy for attracting investment, new technologies and generation of additional employment will be rolled out keeping in mind the comprehensive development of industries, especially priority sectors in the backward areas of tier-2 and tier-3 centres,” he said.
Vision groups have been constituted relating to such industries, he said and the government is acting upon their reports. Investors are coming forward to establish industries in Koppal, Ballari and Kolar districts, Kumaraswamy said.
“In the coming four and half years, we expect that 1 lakh in each district amounting to total 900,000 employment generation will take place...to continue this scheme in the current year, ~110 crore is provided.”
He also announced that to attract further investment for the State, the Global Investors Meet will be organised in January 2020.
The Budget states to accelerate the opportunities of investment in the State, innovation and entrepreneurship will be promoted and encouraged by giving thrust in tier-2 and tier-3 cities by revising the Karnataka IT, ITES, Innovation Incentives (i4) policy policy.
It is proposed to establish new Incubation centres and strengthen the existing ones especially in tier-2 and tier-3 cities with the partnership of educational institutions, industries association and private institutions etc, it said.
“A fully equipped K-Tech Innovation Hub is proposed to be set up at Tumakuru at a cost of ~7 crore to encourage budding entrepreneurs,” it said.