BS Reporter / Chennai/ Dharwad Jan 06, 2009, 00:36 IST
The state plans to stitch together a bailout package for recession-hit industries. Minister for large and medium industries Murugesh Nirani told Business Standard here the package will consist of tax breaks and policy changes that will enable industrial houses to borrow soft, long term loans from banks and pay them in easier installments.
The bailout package may not be in the form of doling out money to sick industries. According to him details of the package will be announced along with new industrial policy which is expected to be announced within a month.
The state will set up a land bank in Hubli-Dharwad to boost industrial growth in the region. Nearly 1,000 acres has been acquired near Gamanagatti village for the land bank. An additional 2,000 acres would be acquired soon, he added.
The Hubli airport shall be expanded and upgraded after 750 acres of additional land is acquired.
“The authorities have estimated that 43 families would lose their houses. We are negotiating the compensation amount,” he informed. The government has set aside Rs 23.5 crore for the acquisition but is willing to increase the amount if need be, he said.
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