Peenya Industrial Area notified as special investment region; industry bodies laud move
The Hindu
Karnataka declares Peenya Industrial Area as Special Investment Region, aiming to boost infrastructure, investment, and job creation.
The Karnataka government has issued a notification declaring 1,461.46 acres of the Peenya Industrial Area as the Peenya Special Investment Region. Phases 1, 2, 3, and 4 of the industrial area have been brought under the region.
Under the new scheme of things, 70% of the property tax collected from the region will be utilised for infrastructure development and maintenance in the region. The remaining 30% will be shared with the local body.
The Karnataka Industrial Areas Development Board (KIADB) will be the regional development authority for the industrial township.
“The Peenya Special Investment Region shall be deemed to be an industrial township and the Government of Karnataka hereby declares that the Karnataka Industrial Areas Development Board (regional development authority) be the industrial township authority,” read the notification.
One of the most important features of a special investment region is that the local authorities will have no jurisdiction over it. As per the Karnataka Special Investment Region Act, 2022, the township will be managed by the regional development authority, which will be responsible for its development, operation, regulation, management, and infrastructure development.
The Act was introduced to enhance the State’s position as a global manufacturing hub with improved management of large industrial clusters in the State.
According to industry bodies, the establishment of the special investment regions will create a more favourable environment for businesses by avoiding bureaucratic clutter, attracting more investments, facilitating better infrastructure amenities, and creating more jobs.
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