What is the Karnataka 14 Policy?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Karnataka 14 industrial policy aspires to establish a prosperous Karnataka and contribute to employment creation through the balanced, inclusive, and sustainable development of the industry. The fundamental goal of a National Investment and Manufacturing Zone strategy is to stimulate industrial development in collaboration with regional state governments.
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Karnataka 14 Policy
The Central Authority will provide an enabling policy framework to benefit from infrastructure development and encourage state governments to employ the policy’s tools. This policy seeks to reach an annual industrial growth rate of 12%.
The Principal Advantages for Units within NIMZ:
- A job-loss policy will allow units to pay adequate worker compensation through insurance in the case of business losses or closures, removing the charge on the assets.
- National Investment & Manufacturing Zone (NIMZ) developers will be able to raise ECBs for the purpose of constructing internal infrastructure.
- Capital gains are exempt from taxation.
- The SPV of the applicable NIMZ will make it easier to transfer the assets of a sickly company.
- Employing soft loans from multilateral lending institutions to fund infrastructure development is one of the goals.
- Skills development programs for new hires and current employees in collaboration with NSDC will also be incorporated.
Summary:
What is the Karnataka 14 Policy?
The Karnataka 2014-19 industrial policy seeks to establish a wealthy Karnataka while also assisting in the creation of job opportunities through the inclusive, balanced, and sustainable development of the industry. This policy aims for the annual industrial growth of 12%.
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