Karnataka Budget 2024: Industrial policy this year; jobs, infra expansion on agenda

Bengaluru: Riding on investment of Rs 88,150 crore attracted over the current fiscal, the state government is lining up initiatives to build on the numbers, including a new industrial policy which will be formulated during the current year.

Chief Minister Siddaramaiah noted that the investment in 2023-24 was predominantly generated in sectors related to production of Lithium-Ion Batteries for electric vehicles, Electronic System Design and Manufacturing, automobiles and data centres among others. Presenting the 2024-25 state budget, Siddaramaiah on Friday said a Global Investors Meet would be organised in February 2025, to attract greater foreign investment.

The government has proposed infrastructure expansion, with industrial estates in various districts set to be upgraded through the Karnataka State Small Industries Development Corporation. The move, implemented in collaboration with the Central Government, comes at an estimated cost of Rs 39 crore.

New textile parks will be constructed in Kittur Karnataka, Kalyana Karnataka (Raichur) and Mysuru regions under a public private partnership model. These parks are expected to create about 10,000 jobs.

Through a new textile policy (2024-29) for the development of textile and weaving sectors, the government is eyeing a capital investment of Rs 10,000 crore and the creation of two lakh jobs.

A Rs-50 crore grant will be provided for the supplemental infrastructure at the 1,000-acre textile park coming up in Kalaburagi district, in collaboration with the central government.

Checks on illegal mining: The statewide drone-based survey, to assess the extent of mining and control illegal mining of minor minerals including building stone, is expected to boost revenue collection and bring in greater accountability.

Khadi-related activities will be promoted in Badanavalu in Nanjangud Taluk, a village in Mysuru Mahatma Gandhi visited.

The government will provide assistance to small and medium industries to issue IPO in the stock exchange. Financial assistance of up to 50 per cent of the cost will be provided, subject to a maximum of Rs 25 lakh.

The proposed jeans apparel park in Ballari will formalise the presently unorganised jeans manufacturing units and help upgrade the industry to international standards.