Minister for Large- and Medium-scale Industries Murugesh Nirani on Saturday announced that the medium, small and micro entrepreneurs (MSME) will get a 5 per cent interest subsidy next year. He said Karnataka would be the first in the country to introduce the MSME-friendly measure for boosting industrial production.
Inaugurating the national executive meeting of the Bharatiya Janata Party’s Industry and Commerce Cell, the Minister said he was announcing the solar policy in the next few days along with the textile policy.
Mr. Nirani said under the new arrangement, the deputy commissioner — who could approve industries up to an investment of Rs. 3 crore — has been empowered to approve up to Rs. 15 crore and the Minister up to Rs. 250 crore. The Chief Minister can sanction investments worth Rs. 250 crore and above. Each district has a nodal officer to assist the entrepreneurs to complete the procedure and get sanction.
Entrepreneurs belonging to SC and ST have been given many concessions in loan and land. He told the BJP leaders that the law and order situation was good and there was an investment-friendly atmosphere. He added Chief Minister Jagadish Shettar was going to present a Rs.1.25-lakh crore budget next month with over 54 per cent of the funds earmarked for the industrial sector and to entrepreneurs.
His success story
Quoting his own resounding success in setting up and expanding sugar, power and cement plants and educational institutions in Bagalkot district in just 12 years, Mr. Nirani said that hard work, sincerity and good planning would fetch good results. In a few years, he said he was going to be one of the five biggest sugar producers in India.
Karnataka, he said, aims to increase its expenditure on infrastructure from 3.2 per cent of its GSDP to eight per cent during the 12th Plan and identified a potential of Rs. 19,065 crore for investments in the sector.
MSME-friendly measures to boost production
Nodal officer to assist in procedure, sanction