Karnataka Announced new Industrial Policy

Bangalore: Last day Karnataka unveiled new industrial policy to attrack more investment. From india and abroad state target 5 Lakh crore rupees as investment over the next five years.

“The new industrial policy for 2014-19 aims to achieve an industrial growth rate of 12 percent per annum in the state over the next five years (2014-19) and increase the contribution of the manufacturing sector to 20 percent of the state gross domestic product (GSDP) from 17 percent this fiscal,” Chief Minister Siddaramaiah told reporters.

“We give importance to the industrial sector as much as to welfare and social sectors. We believe that industrial growth will increase production, lead to asset creation and develop the state’s economy,” Siddaramaiah said.

Policy ensures infrastructure support to promote industries and proposes setting up five industrial clusters every year spread over an area of 5,000-8,000 acres. Energy and water resource departments will be directed to provide power and water to the clusters. “The policy considers the mining sector as a focused area and proposes escort services to execute the pending projects in a time-bound manner. We are in the process of coming out with a new mining policy in the state,” Siddaramaiah said.