CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Karnataka has unveiled its new industrial policy for the period 2025-30, aiming to attract Rupees 7.5 lakh crore in investments and generate 20 lakh new jobs. The policy emphasizes balanced growth across all regions, with a particular focus on promoting industrial development outside Bengaluru, especially in less developed areas. This announcement was made during the 'Invest Karnataka 2025' global investors meet.
Investment Zones And Infrastructure Development
The policy outlines the creation of 12 new investment zones spread across 30,000 acres, adding to over 200 existing industrial zones. Additionally, Rupees 3,800 crore has been allocated to provide clean water supply to these areas, part of a broader initiative to improve production efficiency while minimizing costs.
Incentives For Investors
The policy provides investors with a choice between capital subsidies or production-linked incentives, offering flexibility to attract more investments. A key focus is on promoting green initiatives that align with global sustainability objectives.
Sectoral Focus Areas
The policy identifies several key sectors for growth, including aerospace, defense, electronics, and renewable energy. Other important sectors are pharmaceuticals, biotechnology, and future mobility. The state plans to develop specialized industrial clusters, a strategy expected to stimulate economic growth in these areas.
Support For Small And Medium Enterprises
Small and medium enterprises (SMEs), which employ around 55 lakh people across 8 lakh units, are a major focus of the policy. The government plans to offer targeted support to help SMEs grow, recognizing their importance for job creation and economic stability.
Technological Advancements And Digital Transformation
Karnataka is prioritizing digital transformation, with investments in AI, blockchain, and cloud computing aimed at strengthening the digital economy. The state already leads in software exports and electronic product manufacturing and is keen to maintain its competitive advantage.
Global Connectivity And Economic Potential
The state is also addressing connectivity challenges, with plans for a second international airport in Bengaluru to boost global connectivity. Karnataka currently contributes to 60% of India’s electronic exports and over 40% of software exports, making it a key economic hub for investors.
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