What is the Karnataka 14 policy?

By Ritesh|Updated : September 3rd, 2022

Through the balanced, inclusive, and sustainable development of industries, the Karnataka 2014–19 industrial policy seeks to produce a prosperous Karnataka and contribute to creating job opportunities.

  • A National Investment & Manufacturing Zone policy's primary objective is to promote industrial development in conjunction with regional state governments.
  • The Central Authority will build an enabling policy framework that will profit from infrastructure development and encourage State Governments to use the tools offered in the policy.

Karnataka 14 Policy Details

This policy seeks to reach an annual industrial growth rate of 12%. The Principal Advantages for Units within NIMZ:

  • In the event of business losses or closures, a job-loss policy will allow units to pay appropriate worker compensation through insurance, removing the charge on the assets.
  • It will be possible for NIMZ developers to raise ECBs for building internal infrastructure.
  • Taxation on capital gains is waived.
  • The SPV of the relevant NIMZ will make it easier to transfer the assets of a company that has been declared sick.
  • We will investigate using soft loans from multilateral institutions to finance infrastructure development.
  • Programs to upgrade skills in conjunction with NSDC for new hires and current employees.

Summary:

What is the Karnataka 14 policy?

The Karnataka 2014-19 industrial policy aims to create a prosperous Karnataka and help create job opportunities through the industry's balanced, inclusive, and sustainable development. This policy aims for a 12% annual rate of industrial growth.

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