Karnataka government approves the 70% local jobs policy
July 24, 2020
Karnataka government approves the 70% local jobs policy. This is a new industrial policy for 2020-25, that aims to allocate 70% of the total job openings to Karnataka people.
The industries Minister of Karnataka, while announcing this policy says that the state aims to attract Rs.5 lakh crore worth of investments. Under this policy, around 20 lakh job opportunities will be provided.
This new policy will also help Karnataka to become third in merchandise exports in the whole country. Currently, it is in the fifth position. The state is also aiming for a 10% increase in industrial growth. In order to achieve this, the state is promoting industrial activity in areas other than Bangalore
The investment promotion will also be provided to the companies based on the turnover. These companies will receive 10% of the turnover per year, until 5 years. Exemption of stamp duty, concession on registration charges will also be provided.
These companies will also be provided with reimbursement of land conversion fee. But for medium, large, and mega industries the investment subsidy will be of 1.75% to 25% for a total period of 5 to 10 years