DIC

Karnataka has witnessed industrialization prior to the days of Sir. M. Vishweshwaraiah, the Dewan of the erstwhile princely State of Mysore, whose famous quote "Industrialise or Perish" echoes through out the State of Karnataka. The Government has always endeavored to set up the right kind of business climate to motivate investments in the State. Names such as Bharat Heavy Electricals, Bharat Electronics, Hindustan Aeronautics, Jindal Vijaynagar, MRPL, Intel, General Motors, General Electric, Toyota, Volvo, SAP Labs, Infosys, Wipro,……………etc.. with their presence here, indicate the kind of business environment the State has been able to offer.

With the dawn of the New Millennium, Industry and Trade have witnessed far-reaching and rapid economic changes in technology, innovation, new products and processes and business practices. The world is now the market place. The country has also witnessed radical changes in the policy imperatives in recent times. The National consensus of removal of sales tax based incentives, adoption of uniform floor rates for taxes, the threats and opportunities thrown up by the multilateral trading regime under WTO, the primacy of technology, intellectual property rights and global competition have together given rise to the need for a new and radical approach to Industrial development.

The need to rise up to this challenge caused the State Government of Karnataka to announce the New Industrial Policy 2001-06, which came into effect since 1/4/2001. It is valid for a period of five years i.e upto 31/3/2006.

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