The new industrial policy for the 2014 to 2019 period aims at achieving an industrial growth of 12 per cent per annum by attracting investments of about five lakh crore and generating employment for about 15 lakh persons during the policy period.
"I have not merely given priority to welfare and social sectors but have also given equal importance to the industrial sector. We believe that the growth of industries will lead to increase in production which will lead to asset creation and development of the state's economy,'' Siddaramaiah said while unveiling the new policy in the presence of industry captains and government representatives.
"It is proposed to form at least five industrial areas every year over an area of 5000 to 8000 acres. In order to overcome of the KIADB in providing infrastructure support the policy proposes to encourage private investment in establishing industrial areas and estates,'' he said.
In an effort to revive the mining industry in Karnataka which has slipped into deep decline following large scale illegalities in the sector the Congress government has proposed a plan for reviving mining projects that have failed to take off despite government clearances.
Siddaramaiah said the new industry policy proposes to consider mining projects as focus industries with the state providing hand holding services to see the projects achieve fruition. ``I have directed my officers to come up with a clear mining policy shortly to resolve this issue,'' he said.
The Congress government has also proposed a bounty of incentives for industries that are are set up in impoverished parts of the state like the Hyderabad Karnataka region. The government has also proposed reservation of 22.5 per cent of land in all industrial areas for SC/ST entrepreneurs.
The new industrial policy of the Karnataka government also acquiesces to industry demands for declaration of industrial townships and aboilition of trade licenses, Siddaramaiah said.