Karnataka Budget 2018 favors Logistic and industry Policy

Bengaluru: The State Budget plan proposes to detail a Logistic Policy for better co-ordination between Seaport, Airport, National Highway, ICD, CFS, Warehouses and so forth, for consistent development of merchandise from the production point to the consumers.

Chief Minister Siddaramaiah announced “It is proposed to declare an Innovation Policy, to support innovative ideas youths and to empower manufacturing start ups in relationship with technical and research institutions. To enhance the products transportation facilities, a multi-modular logistic stop in a zone of 400 acres of land close Bengaluru and in an area of 50 acres of land at Hubli will be developed.”

The Budget has additionally proposed to define an approach on labour intensive industries to support setting up of business intensive industries in the State. Similarly, a powerful committee will be constituted to break down the distinctive parts of the service sector and a new policy will be announced to empower this sector in light of the suggestions of this committee.

He also said “Penalties levied by the local bodies will be waived of if primary property tax is paid before September 2018 in a single instalment, in situations where the property tax and punishment are required to be paid to the local bodies by industries situated in industrial region/townships. Infrastructure offices will be set up in Peenya Industrial Area through KSSIDC.”

The Budget plan has proposed to simplify the systems for buying of land; it is proposed to inform Rural Business Zones in 20 to 30 acres of land of barren/dry land, to make employment openings in rural regions. “This will lessen movement of the youth to urban areas. Artisans and smaller scale sectors, small and medium enterprises are the foundation of the economy. To remove insufficiencies of this sector, it is proposed to present State Cluster Development program. Under this program, half of the project cost or maximum of Rs. 5 crore will be given to set up regular facility centres.,” he added.