Karnataka governement annouces New Industrial Policy 2020-25 to woo domestic investors
Oct 22, 2020
Bangalore (Karnataka) [India], October 22 : The Karnataka government on Thursday announced the launch of the New Industrial Policy 2020-2025, in an attempt to woo domestic investors to invest in the state and to create large-scale employment opportunities.
The policy was launched at the seventh (virtual meet) Public Affairs Forum of India (PAFI) National Forum 2020, while addressing various industry captains, business houses, and thought leaders to discuss the opportunities to attract trade and investments to the state.
According to a statement, the meeting touched upon numerous business opportunities and investments available for domestic investors.
"The Chief Minister held talks with industry captains and detailed on the vast opportunities in IT, ITES services, machine tooling, manufacturing, aerospace, biotechnology, and engineering design," the statement said.
Speaking at the event, Chief Minister BS Yediyurappa said, "Karnataka is the favored choice of investors and is home to 400 of the Fortune 500 companies in the world. The state is currently ranked second in terms of FDI investments for the period ending June 2020. Karnataka has attracted investment worth INR 1.38 lakh crores, the highest in the country which would create 70,000 direct employment in the State."
Jagadish Shettar, Large, Small, Medium scale Industries Minister announced the event, emphasizing that it has an investor-centric approach.
"Keeping the investor-centric approach, our government has launched the New Industrial Policy 2020-2025, to build a prosperous Karnataka and create large-scale employment opportunities. The state is committed to bringing ease to regulatory compliance for businesses. And has started an ambitious program for reforms in partnership with departments and various stakeholders to make it easier, simpler and quicker for businesses to start and operate in the state," Shettar said.
The statement further added that the state was taking cautious steps to reboot the economy and support economic activities.
"The current pandemic has taught us the importance of building a strong value chain. As a leading industrial State, Karnataka offers industries to not only localize supply chains and de-risk their operations but also strengthen the local ecosystem that would help in creating cost-effective and sustainable solutions," Gaurav Gupta, Principal Secretary of the Commerce and Industries Department said.
