The Bangalore Chamber of Industry and Commerce (BCIC) has praised the major incentive announced by Karnataka Government for the Electronic System Design and Manufacturing Sector in Karnataka. The five-year plan, a great revoke to the ESDM sector was declared by Dr. Ashwathnarayan C N Deputy Chief Minister and Minister for IT & BT, Science & Technology; Skill Development, Entrepreneurship, and Livelihood, Karnakata, during the IESA Vision Summit – 2020.
The subsidy is appropriate for up to 50 acres of industrial plots bought across Karnataka (except Bengaluru urban and rural districts) and 20% on plant and machinery. For more development of EDMS section, the Chamber points the Government into more incentives like 100% reimbursement on stamp duty and registration Charges, 100% reimbursement on land conversion fee, power tariff subsidy of Rs.1 per unit for five years from the month of commencement of commercial production, 100% exemption from electricity duty for the same duration from the month of beginning of commercial production.
“25% Capital Investment subsidy will act as an enabler in hauling massive investments into Karnataka,” said T R Parasuraman, President, BCIC, President and Director of Toyota Industries Engines India Pvt. Ltd while expressing the trust on the incentives during the welcome comment.
The Scheme reflects Make in India Movement and Namma Karnataka as an investment destination worldwide apart from securing garner investments for the ESDM Sector. The benefits prompt the manufacturing and design of electronics products, semiconductor manufacturing, and design, electronic manufacturing services, and solar cell manufacturing to secure overall innovation and development of the economy.
