Foxconn to Receive Incentives for Electronics Manufacturing Plant in Karnataka
Taiwanese contract manufacturer Foxconn, Apple's primary supplier, will receive Rs 6,970 crore in incentives as part of Karnataka's special incentive scheme for the Electronics System Design and Manufacturing (ESDM) sector. This announcement was made by Chief Minister Siddaramaiah during the state budget presentation on March 7.
Foxconn has established a mobile phone manufacturing plant in the Devanahalli Industrial Area with an initial investment of Rs 21,911 crore. The company will benefit from an incentive of Rs 6,970 crore under the ESDM policy.
This move signifies Karnataka's commitment toward enhancing its presence in high-end electronics manufacturing.
Karnataka's Sectoral Policies to Stimulate Economic Growth
The Karnataka Employer’s Compliance Decriminalisation and Digitisation Bills are set to be introduced by the government. The Chief Minister emphasized the importance of Karnataka's sectoral policies in IT, tourism, and biotechnology to stimulate economic growth and create job opportunities.
Measures for Bengaluru's Infrastructure
CM Siddaramaiah also announced a series of measures for Bengaluru in response to increasing public criticism regarding the city's poor infrastructure. He revealed plans to boost the annual grant from Rs 3,000 crore to Rs 7,000 crore by the year 2025-26.
A new Special Purpose Vehicle (SPV) will be established to manage funds and implement crucial infrastructure projects. The government's budget also includes proposals to extend the Metro line and introduce new metro routes.
Siddaramaiah announced progress on the Peripheral Ring Road (PRR) project and the redevelopment of the Majestic bus stand through a public-private partnership (PPP) model.