Karnataka is acquiring 50,000 acres of industrial land ahead of the November Global Investors Meeting

Karnataka is acquiring 50,000 acres of industrial land ahead of the November Global Investors Meeting

The Karnataka government will acquire over 50,000 acres of land across the state in an effort to quickly allot land to industrialists who come forward to set up businesses, Large and Medium Industries Minister Dr Murugesh Nirani announced on Saturday after inaugurating the India Manufacturing Show 2022: Curtain Raiser here. Nirani emphasized the necessity of land acquisition ahead of the next Global Investors Meet (GIM) in Bengaluru, saying that the government must purchase property for investors. ”Silicon city Bengaluru will host the Global Investors Meet from November 2 to 4 this year. Our department will acquire 50,000 acres of land across the state. We will allot land to industrialists in real quick time and provide world-class facilities including water, power and roads,” the minister’s office quoted him as saying in a statement.

”We have announced special concessions for each industrial cluster. The toy cluster in Koppal has already started functioning with all the support required for this cluster, including social and housing facilities,” Nirani added. The minister said the government has prepared guidelines briefing investment opportunities available for investors in the various sectors including automobile, pharmacy, medical equipment, engineering, machineries, knowledge-based industries, logistics, renewable energy, aerospace, defence and electric vehicles.

Setting up more industries will help create additional jobs for local people and solve unemployment problem in the state, Nirani said. Emphasising on taking industrial growth beyond Bengaluru, Nirani said industries will be promoted in Tier-2 and Tier-3 cities. ”We will encourage industries in Tier-2 and Tier-3 cities under the central government’s Aatmanirbhar Bharat scheme. Besides, our government will also implement ‘One District, One Product’ policy soon which will help identify and promote a product in each district,” Nirani said. The industrialists involved in these products can get up to Rs 10 lakh per unit as credit-linked capital subsidy for 35 per cent of project cost, Nirani suggested. Pointing out another government initiative to encourage balanced industrialisation across the state, the minister mentioned special sops for cluster-based industrial parks.

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