Karnataka to arrange separate physique to supervise funding in particular funding areas

The Karnataka Cupboard on Thursday determined to arrange a brand new authority beneath the industries division to watch investments in particular funding areas. The federal government has determined to arrange particular funding zones at Tumakuru and Hubli on a pilot foundation, earlier than including different areas.

The authority may have huge ranging powers together with identification of land to kind industrial suburbs, and fixing and assortment of taxes. The federal government has proposed to offer 30% of taxes collected this solution to the native physique involved.

The federal government will place a Invoice on the formation of this authority within the subsequent meeting session, and it’ll initially work beneath the supervision of Karnataka Industrial Areas Improvement Board (KIADB). Gujarat already has such a physique functioning, Legislation & Parliamentary Affairs Minister JC Madhuswamy mentioned.

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