Foxconn will receive Rs 6,970 cr in incentives for iPhone unit, CM Siddaramaiah announces in state Budget

The Taiwanese contract manufacturer Foxconn, the main supplier of Apple, will receive incentives of 6,970 rupees as part of the special incentive scheme in the state of Karnataka for the ESDM system from 2020 to 2025.

Foxconn has established a mobile manufacturer in the Devanahali industrial area with a preliminary investment of 21,911 rupees. The company will benefit from an incentive of 6,970 rupees under the ESDM policy, and the Prime Minister explained in his budget letter.

“Foxconn is creating a mobile manufacturing factory in the Devanahali industrial zone with an investment of 21,911 rupees and will be provided under ESDM policy,” said Cedarrama.

ESDM policy provides many incentives, such as 25 % capital investment support on land, 20 % support on the factory and machinery, full payment of stamp services, registration fees, and land transfer fees provided by the country.

Being the first electronics company to receive such a large incentive, the presence of Foxconn indicates the commitment of Karnataka to enhance its presence in the manufacture of high -end electronics.

The compliance of the employer in Karnataka is scheduled to be offered by the government. The Prime Minister stressed the importance of sectoral policies in the state of Karnataka in information technology, tourism and biotechnology to stimulate economic growth and create job opportunities.

“They are expected to attract rupees in investments, with 13,500 rupees in subsidies. Karenata won $ 4.4 billion in foreign investment by December 2024-25, when it ranked third in the country, while exports grew 11.17 percent to 88.85 billion dollars. In Karnataka 2025 investments, the state was ranked at a value 10.27 rupees, is expected to create more than six functions of Cham, “said Cedarmaya.

Brecking to Bangalore

CM Seddaramaiyah has also announced a series of measures for Bangaluru in response to an increase in general criticism in the city’s bad infrastructure, before the Bengaluruuuujara Palke elections (BBMP).

In a statement, the Prime Minister stressed the government’s commitment to improving the basic infrastructure in Bangaluru, which is vital to the state’s economy. He revealed plans to enhance the annual grant from 3000 rupees to 7000 rupees by 2025-26.

To effectively manage these funds and implement decisive infrastructure projects, a new special vehicle for purposes (SPV) will be created. This step aims to transform the responsibility of the major development projects away from BBMP, which was undergoing the deterioration of the city’s infrastructure.

The government’s budget also includes proposals to expand the metro line from the KEMPEGOWDA International Airport to Devanahali, with plans to submit 98.6 km of new metro roads in the next two years.

Siddraamaiyah has announced that progress has been made in the long -awaited Ring Ring project, with lands currently being acquired by specialized teams. A budget of 27,00 rupees is dedicated to the construction of the PRR, 73 km away, which is now called “Bengaluru Business Corridor, with the support of Hudco Bank.

In addition, it has been mentioned that the majestic bus position in Bangaluru will be subject to redevelopment through a PPP partnership model (PPP) to convert it into a modern transport center with a commercial complex.