Karnataka Unveils Future-Forward Industrial & EV Policies

Karnataka government will introduce new industrial and electric vehicle policies at the upcoming Invest Summit in Bengaluru, aiming for Rs 10 lakh crore investments. Key incentives include flexible investment options, women's employment benefits, and streamlined approvals. Future plans include AI processing and infrastructural developments like a pharma park.

The Karnataka government is set to reveal groundbreaking industrial and electric vehicle policies at the upcoming Karnataka Invest Summit in Bengaluru, as announced by Industries Minister M B Patil on Wednesday.

Setting ambitious goals, Patil outlined a target of Rs 10 lakh crore in investments, with an expectation that 80 percent will come to fruition, contrary to past summits where notable hydrogen project commitments did not advance. New policies offer flexible incentives based on capital investment and turnover, with additional perks for innovation and women's employment.

Modernized single-window clearances now utilize AI to reduce proposal processing times by half, and new infrastructure plans include a dedicated industrial water supply and a pharma park near Bengaluru. Advanced reforms, including the state's affidavit-based clearance system, allow businesses to operate without multiple approvals for three years and offer adaptable work hours for women, even for night shifts. The next promotional roadshow is planned for Mumbai.

(With inputs from agencies.)