BANGALORE: The Bharatiya Janata Party-Janata Dal (S) Government on Tuesday launched an ambitious industrial policy aimed at promoting industrial investments and higher industrial production which could enable the State to achieve a high GSDP (Gross State Domestic Product) growth of around nine per cent.

The new industrial policy, which was in the offing for sometime now, was unveiled by Deputy Chief Minister and Finance Minister B.S. Yediyurappa and Major and Medium Industries Minister Katta Subramanya Naidu. The policy will remain in force for five years with retrospective effect from April 1, 2006.

Drafted under the supervision of former Union Commerce Secretary P.P. Prabhu, it was recently approved by the Cabinet after it was vetted by Chief Minister H.D. Kumaraswamy.

The Chief Minister could not attend the programme as he was away in Chidambaram in Tamil Nadu with former Prime Minister H.D. Deve Gowda.

Mr. Yediyurappa said it was for the first time under an industrial policy that the State had earmarked Rs. 500 crore for a comprehensive infrastructure development in the industrial areas belonging to the Karnataka Industrial Areas Development Board and the Karnataka State Small Industries Development Corporation.

The Planning Commission had congratulated the State on its good performance and granted an incentive of Rs. 600 crore, he said.

The Government was confident that the State's share in the country's exports would touch 20 per cent while the industrial growth rate would be over 12 per cent.

The additional employment to be generated by the end of the policy period would be around 10 lakh.

Mr. Subramanya Naidu spoke.

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