Welcoming the Centre clearing the plan for a ₹1,701.81-crore Tumakuru Industrial Area node on the Chennai-Bengaluru Industrial Corridor, Jagdish Shettar, Karnataka Minister for Large & Medium Scale Industries said the corridor is expected to boost the employment and economic opportunities in the region.
“The project is expected to provide employment opportunities for 88,500 people of which 17,700 persons are from service industries such as retail, offices, and other commercial opportunities in the initial development phase. Tumakuru Industrial Area is also expected to act as a catalyst to attract more Foreign Direct Investments (FDI) and ensure Tumakuru and surrounding districts’ overall development,” he added.
The Cabinet Committee on Economic Affairs had on Wednesday approved construction of two industrial nodes on the CBIC, the other one is at Krishnapatnam (for ₹2,139.44 crore), Andhra Pradesh.
“Keeping the investor-centric approach, the Karnataka government has also launched the New Industrial Policy 2020-2025, to build a prosperous Karnataka and create large-scale employment opportunities,” said Shettar.
“This industrial policy is very forward-looking and brings several incentives and regulatory reforms such as land access and labour market regulation. Promoting our State’s economic and industrial development has always been a top priority for our government,” Shettar added.
Karnataka has been an attractive investment destination and is one of the most industrially advanced States in India. Today, Karnataka is a nearly $250 billion economy and growing strong. The State has been leading the country in several sectors and has traditional strengths in various industries - such as machine tools, heavy machinery, automobiles, electronics, aerospace and defense, biotechnology.