Mysore/Mysuru: Karnataka’s New Industrial Policy has aimed at attracting Rs. 5 lakh crore investments that could create employment for 20 lakh people by 2025, said Large and Medium Scale Industries Minister Jagadish Shettar here yesterday.

Releasing the New Industrial Policy 2020-25 handbook here, Shettar said that the State Government has decided to focus more on industrially backward districts, Tier-II and Tier-III cities. Impetus had been given mainly on automobile and spare parts, pharmaceutical, medical and engineering equipment, knowledge-based industries, logistics, renewable energy, aerospace, defence and electric vehicle manufacturing.

To help this, Sec. 79 A and B section in Land Reforms Act had been scrapped to attract more investment in Karnataka. Provision had been made for the business entrepreneurs to directly deal with farmers to buy 54 acres.

Beyond Bengaluru

The Minister said the new policy will bring several incentives and regulatory reforms such as land access and labour market regulation. It also aims at the holistic development of the State and looks beyond Bengaluru to promote Tier-2 and Tier-3 cities as engines of economic   growth, Shettar said. “We have grouped districts into three zones to incentivise investments in the industrially backward districts. The industrially backward districts are classified in Zone-1 & 2, and Bengaluru Urban and Rural districts are classified in Zone-3”.

Jobs for Kannadigas

Shettar said all new industrial investment projects shall create maximum possible direct employment opportunities with a minimum employment of 70 percent to Kannadigas on an overall basis and 100 percent in case of Group C and D employees. 

According to the Ministry of Industry and Internal Trade Promotion of the Ministry of Commerce and Industry, as many as 95 investment proposals have been registered in the State, amounting to Rs. 1,54,937 crore. 

Between August 2019 and December 2020, the State High-Level Committee and the State High-Level Single Window Clearance Committee have approved 410 new  projects, he added.

Gaurav Gupta, Additional Chief Secretary, Commerce and Industries Department and Gunjan Krishna, Commissioner for Industrial Development and Director of Industries and Commerce, were among those present.

New opportunities

• 95 investment proposals have been registered in the State.

• Total cost is Rs. 1,54,937 crore.• 410 new projects have been approved. It would ring in an investment of Rs. 82,015 crore.