Mr. T.R. Parasuraman, President, BCIC & Director of Toyota Industries Engines India Pvt. Ltd
Posted on: 22/Aug/2020 9:04:49 AM
The Bangalore Chamber of Industry and Commerce welcomes the slew of Incentives announced for the Electronics Systems and Design Manufacturing Sector in Karnataka during the IESA Vision Summit – 2020, by Deputy Chief Minister and IT & BT minister Dr. C.N.Ashthanarayan. These Incentives are indeed laudable and will bring much needed relief to the ESDM Sector in Karnataka! We strongly believe that the 25% Capital Investment subsidy will act as an enabler in hauling massive investments into Karnataka.
The subsidy for the ESDM Sector has been made applicable for up-to 50 acres of industrial plots bought across Karnataka (except Bengaluru urban and rural districts) and 20% on plant and machinery. However, we are glad to note that this time around special focus has been laid on this sector by the Government with a five- year plan to boost this sector.
The Chamber further commends the Government for the other breakthrough incentives introduced for this sector like a 100% reimbursement on stamp duty and registration Charges, 100% reimbursement on land conversion fee, power tariff subsidy of Rs.1 per unit for a duration of five years from the month of commencement of commercial production, 100% exemption from electricity duty for the same duration from the month of commencement of commercial production. We believe these measures have been taken by the Government in due time to give much needed solace to the ESDM Sector.
This scheme will not only garner investments for the ESDM Sector but, will also promote the Make in India Movement and Namma Karnataka as an investment destination worldwide. It will benefit multiple sectors like manufacturing and design of electronics products, semiconductor manufacturing and design, electronic manufacturing services and solar cell manufacturing creating a platform for over-all innovation economy development.
