Bengaluru: The Cabinet on Thursday approved the State Government’s new Industrial Policy that aims to generate Rs.5 lakh crore investment and create 20 lakh jobs over the next five years, by offering a slew of incentives.

Speaking to presspersons after the Cabinet meeting here yesterday, Industries Minister Jagadish Shettar said that as per the policy, all new investment projects shall create direct employment opportunities, with a minimum job reservation of 70 percent for Kannadigas on an overall basis and 100 percent in case of Group-D employees. 

Pointing out that Special Investment Regions (SIR) have also been announced, Shettar said that Dharwad SIR – encompassing  Dharwad, Gadag, Haveri and Belagavi Districts, will be the first.

Noting that probably for the first time in India, the State Government has decided to offer investment promotion subsidy to Medium, Mega and Large enterprises ranging from 1.75 percent to 2.5 percent on turnover in each year for a period of 5-10 years, he said that the                                                 subsidy will be in the form of a grant and will be based on the Company turnover.