Bengaluru, September 11 (Daily Kiran) : The Karnataka Cabinet has approved a significant initiative aimed at enhancing industrial investment and job opportunities in the state’s less developed regions. Minister Priyank Kharge announced the approval of the ambitious ‘Industry Fund’ scheme, which targets the creation of 100,000 new jobs across 11 backward districts.
In a statement, Kharge explained that the scheme is designed to reduce regional disparities by fostering industrial growth in areas that need it most. Under this program, eligible micro, small, and medium enterprises (MSMEs) and industrial units that generate additional employment will receive an incentive of ₹2,500 per month for each new employee hired, for a maximum of 24 months.
The government will allocate an annual grant of ₹305 crore for this initiative. Incentives will only be disbursed once the hiring and salary payments for new employees are verified. This approach aims to ensure that support reaches only those industries that genuinely create and maintain new jobs, thereby promoting transparency and accountability in the implementation process.
The scheme will particularly benefit districts such as Kalaburagi, Bidar, Raichur, Yadgir, and Bagalkot by encouraging the establishment of new industries and the expansion of existing ones. Kharge emphasized that the goal is to distribute investment and job opportunities across various regions, rather than concentrating them in major cities like Bengaluru. This will help reduce the need for local youth to migrate to distant cities in search of employment.
Additionally, the ‘Industry Fund’ will work in conjunction with the state government’s ‘Youth Fund’ program. While the Youth Fund focuses on job placement assistance and skill development for young people, the Industry Fund will directly incentivize industries that create jobs. The aim is to ensure that development is not limited to Bengaluru or a few urban areas, but is accessible throughout the state.
Kharge stated, “Our youth should not have to leave their hometowns and districts for employment. Our government aims to create quality job opportunities in their own regions, enabling them to build their futures there.”
He further clarified that the Industry Fund is not merely an industrial incentive scheme but a results-oriented employment generation program. The government will support industries that create jobs and ensure that these jobs are indeed created and salaries are paid.
The Industry Fund represents a crucial step towards building a balanced and inclusive Karnataka by channeling investment, industry, and employment into the state’s backward areas.
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