Karnataka Chief Minister Siddaramaiah announced on Saturday that his government is developing a new and progressive Industrial Policy for the state. He emphasized the importance of discussions with industrialists and exporters in shaping this policy. CM Siddaramaiah made this announcement during an event held to present the ‘State Export Excellence Awards’ organized by the Department of Commerce and Industry and the Visvesvaraya Trade Promotion Centre (VTPC).
“Our previous industrial policy was widely appreciated by the industry. It was considered the most progressive policy at the time. Now, our government aims to collaborate with industrialists and exporters to formulate a new and progressive industrial policy,” Siddaramaiah stated confidently.
Promotion of Industries as a High Priority
Highlighting the government’s commitment to promoting industries, Siddaramaiah emphasized that rapid industrialization is crucial for generating employment opportunities. He explained that industrial development contributes to employment, economic growth, improved GDP, and better law and order. These factors, in turn, attract investments.
Deputy Chief Minister D K Shivakumar stated that Bengaluru is renowned as a knowledge, IT, cultural, and educational hub. He praised the city’s world-class educational institutions and its status as the top choice for investments. The government is determined to encourage industrialization in tier 2-3 cities to prevent Bengaluru from monopolizing all the opportunities. Shivakumar assured investors, including exporters, of full support from the government.
M B Patil, Minister of Large and Medium Industries, announced that the state is striving to have the best single window clearance system in the country. He highlighted the industry-friendly environment and the state’s commitment to supporting and empowering MSMEs. Vision groups will be established in selected sectors to promote industrial growth, and collaboration with Tata Technology will strengthen the MSME sector.
Karnataka’s Export Preparedness
Karnataka has been ranked as the No.1 State in India in two important parameters, namely Policy Pillar and Business Ecosystem Pillar, according to the Export Preparedness Index (EPI) ranking by NITI Aayog for Year 2022. The ranking, announced on July 17, 2023, recognizes Karnataka’s excellent infrastructure, connectivity network, and transparent ecosystem in the logistics sector.
(with inputs from PTI)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
