Bill for Special Investment Regions tabled in Karnataka Assembly

The government on Tuesday tabled a Bill in the Assembly to create and operate large investment regions in the state to attract investments.

The Karnataka Special Investment Region Bill will “establish, operate, regulate and manage large or mega or super mega size investment regions and industrial areas or clusters” in the state.

With this, the government wants to “retain the position of Karnataka as a global manufacturing hub, specially enabling economic activity supported by world-class infrastructure, premium civic amenities, centres of excellence and proactive policy framework”, according to the Bill.

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Under the proposed law, the government can declare an existing or upcoming industrial area as ‘Special Investment Region’. The Karnataka Industrial Areas Development Board (KIADB) will be the Special Investment Region Apex Authority.

A Regional Development Authority created under this law will be responsible for development of the Special Investment Regions, including land acquisition.

Notably, the Regional Development Authority can rope in developers by way of a joint venture agreement.