FICCI welcomes Karnataka’s New Industrial Policy

Jul 24: Complimenting the pathbreaking Industrial policy approved by Government of Karnataka for the period 2020-2025, Mr Ullas Kamath, Chairman, FICCI Karnataka State Council said that the much-awaited policy has several unique and innovative features which will lead to next level of Investment and growth in the state of Karnataka. He observed that with the turnover based incentives system proposed in the new policy, will help to attract more investments from the MSME sector. Several pro-active measures taken by the government of Karnataka in the recent past; particularly the amendment of Land reforms act, the labour act, and the Karnataka Industries (Amendment) act in recent months are helpful to augment substantial investments.

Observing that the government’s resolve to keep the manufacturing sectors momentum intact, FICCI State Council Chairman said that the vision set by the government-attract investments worth of Rs 5 lakh Crore, to create employment opportunities for 20 Lakh people and making Karnataka to become the third position in the merchandise exports in the next five years, are achievable. He said that in the coming months more focus needs to be given to the industry especially the MSME sector to minimise the deleterious impact of the pandemic created on the sector. The slow growth and supply chain disruptions due the lock down has really affected the sector badly.