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KASSIA welcomes the New Industrial Policy announced by the state

KASSIA welcomes the New Industrial Policy announced by the state and is truly encouraged by the new approach that is bold and innovative
Bengaluru | Written by: BNN Team | Updated: 24-07-2020 | Views: 50
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Statement of Mr K B Arasappa, President, KASSIA on New Industrial Policy announced by the Karnataka State.


These policy measures coming on top of the recently effected reforms should the State achieve higher industrial rank, particularly;


Ø  10% investment promotion subsidy to MSMEs


Ø  Reduction of interest to 6% by KSFC and increase in allocation for MSMEs


Ø  30% reservation of industrial plots in KIADB Layouts for MSMEs


Ø  Waiver of electricity tax


Ø  Industrial parks in the private sector


Ø  Focus on industrial clusters in Tier-2 and Tier-3 cities


Ø  Labour reforms increasing the number of workers under Sec.25-K of the Industrial Disputes Act  and also compliance relief under Factories Act.


As it is an ordinance, we request the Government doing necessary legislative amendments to the Act to have it on the statute both in the interest of labour and industries. The neighbouring states have already implemented these reforms.


Ø  Funding for technology and export relating industries


Ø  Relaxation of zoning laws both urban and rural for industrial purpose 


The move to set up special investment regions in Shimoga, Dharwad and Gulbarga widening the reach to cover 100 sq kilometres to include neighbouring districts, investment subsidy by way of grant on turnover for both MSMEs and large undertakings, incentivizing development of private parks and industrial townships with low cost housing for labour, exemption from electricity tax with the related concessions are indeed innovative and timely. 


We particularly would like to congratulate the government on the proposal to set up IADAK for the New industrial areas and to solve the multiple jurisdictional and property tax levy issues that were a pain.
 

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