Karnataka CM promises changes in laws to encourage investors

: Karnataka Chief Minister B SYediyurappa on Wednesday said rules would be framed by amending the relevant Acts to encourage investors to purchase land directly from the landowners at the place identified for the establishment of industries.Noting his recent interaction with over 40 international companies and various investors at the World Economic Forum in Davos, Switzerland, he said, "It was brought to our notice that even though there is a conducive environment to establish industries and invest in Karnataka, the purchase of land and getting the required approval from various authorities is difficult."Our government will prioritise this issue and necessary action will be taken in this regard, he said, presenting the budget for 2020-21 in the Assembly."Invest Karnataka 2020", a worldwide investors summit, would be organised in November 2020 in Bengaluru to exhibit to the world the investment opportunities in Karnataka, the Chief Minister said.The budget also proposes to implement Production Specific Industrial Cluster Development initiative in nine districts of the state.In addition to this, Shivamogga district would be developed as 'Health and Wellness Cluster' and Dharwad district would be developed as 'Home and Personal Care Consumer Goods Manufacturing Cluster' on the basis of the capacity of the district and the feedback from partners, Yediyurappa said.The budget also proposes to establish an 'Electric Vehicles and Energy Storage Manufacturing Cluster' at the fifth stage of Karnataka Industrial Area Development Board (KIADB) industrial area in Harohalli of Ramanagara Taluk.A grant of Rs 10 crore has been earmarked for this purpose," he said while claiming that Karnataka is the first state in the country to declare electric vehicles and energy storage policy.The Chief Minister further said the new textile parks would be set up at Shiggaon in Haveri district and at Karkala in Udupi district.This will generate employment for 3,000 people," he said.Stating that a 'New Industrial Policy' would be implemented to attract capital investment keeping in view the comprehensive industrial development of the State, especially for the backward areas, Tier-2 and Tier-3 cities, he said priority would be given to those sectors providing greater opportunities in innovative technology and employment generation.The government has also proposed to establish a mineral exploration division in the Head Office of the Mines and Geology Department to identify the deposits of high-value minerals in the state, the Chief Minister said.By identifying such deposits and facilitating their disposal as per rules, more income is expected for the state exchequer, he said.Yediyurappa said that in order to facilitate all government departments to function in one building, a Twin- Towers building with 25-storeys would be constructed at Anand Rao Circle, Bengaluru, at a cost of Rs 400 crore.For this purpose, a detailed project report would be prepared in the year 2020-21.He also proposed to establish an 'Innovation Hub' at an expenditure of Rs 4 crore in order to consolidate and integrate all innovative activities of the State.An 'Artificial Intelligence Research Translation Park would be established in association with Indian Institute of Science, Bengaluru, in order to promote AI- Research, AI-Innovation, AI-Commercialisation, Pilot Project Implementation along with development of 5G technology.For this purpose, a corpus grant of Rs 60 crore would be provided during the next three years.Also, a 'Centre of Agro-Innovation' in Bengaluru Bio-Innovation Centre (BBC) would be set up to drive entrepreneurship in agriculture and allied sectors at a cost of Rs 20 crore.

Karnataka CM promises changes in laws to encourage investors

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