The policy released by state large and medium industries minister RV Deshpande states that the brand equity fund will be aiming at "building a strong globally competitive brands for products manufactured produce originating from Karnataka". The market research fund hopes to "activate a mechanism for providing live and timely market information on products and markets which will help the small amd medium exporters to enter the export market directly".
The policy also envisages setting up an export promotion board for Karnataka as a nodal agency by restructuring the existing Visvesvaraya Industrial Trade Centre (VITC). VITC, a registerd society under the directorate of industries and commerce, is at present the nodal agency for export-related activities from the state.
The policy also promised to set up a state-level export promotion council chaired by the state Chief Minister and state-level export promotion committee chaired by the state chief secretary.
Besides, export facilitation co-ordination committee, central state inter-departmental committee chaired by chief commissioner of customs and central excise Bangalore will also be set up.
The policy also promised to provide market development assistance including financial support for visit to trade fairsexhibitions, market survey reports, publicity in foreign media etc.
Initially, an outlay of Rs 1 crore per year will be provided under the scheme.
Agricultural and processed food products, readymade garments, electronics, IT & BT, engineering goods, arts & crafts, minerals and mineral-based products are identified as the thrust areas of export from the state.