Investors' summit: Karnataka set to unveil new industrial policy, eyes Rs 10 lakh crore investments

Industries Minister MB Patil said the state government has invited Prime Minister Narendra Modi to the Invest Karnataka summit. However, Modi may not come as the dates clash with his visit to Paris.

Bengaluru: Targeting investments worth Rs 10 lakh crore at the upcoming Invest Karnataka summit, the state government is all set to unveil its new industrial policy comprising a slew of fresh incentives, including one to reward businesses that manufacture locally and create more jobs for women.

The new industrial policy will be released at the 3-day Invest Karnataka scheduled to start February 11.

"Among the highlights of the new policy is that we'll offer flexible incentives. Investors can choose between turnover-based incentives or capital-based incentives," Industries Minister M B Patil said at a news conference after a meeting with Deputy Chief Minister D K Shivakumar and IT/BT Minister Priyank Kharge to review the upcoming investors' summit.

The government will offer additional incentives for job-creation, Patil said. "Specially, there'll be additional incentives for employment of women," he said. The new policy also has incentives for companies that meet sustainable development goals such as fighting climate crisis.

Patil said the government has worked out a special incentive for local manufacturing.

"All global companies have their global capability centres (GCC) here. Their research & development happens here. But manufacturing happens mostly in other states or countries. To encourage them to manufacture here, we'll offer a 10% special additional incentive," Patil said.

Specific incentives have been lined up to encourage businesses to invest in backward regions of the state.

"The DM Nanjundappa Committee had identified More Backward and Most Backward taluks. Companies investing in More Backward and Most Backward taluks will get additional 3% and 5% incentives, respectively," Patil said. "For example, companies go to Belagavi Urban and not Chikkodi. If they invest in Chikkodi, they'll get 5% additional incentives," he said.

Shivakumar said 18 countries will participate in the Invest Karnataka summit. Over 2,000 investors have already registered and around 60 speakers will address key topics. "Nine countries will set up dedicated pavilions to showcase their industries and investment potential," he said.

Patil said the state government has invited Prime Minister Narendra Modi to the Invest Karnataka summit. However, Modi may not come as the dates clash with his visit to Paris.

"I've met union ministers -- Piyush Goyal, HD Kumaraswamy and Pralhad Joshi -- while I'll be leaving for New Delhi again to meet Rajnath Singh, Ashwini Vaishnaw and Nirmala Sitharaman. We've also invited Leader of the Opposition Rahul Gandhi and Congress president Mallikarjun Kharge,” he said.