Belagavi (K'taka), Dec 20 (PTI) The Karnataka government on Tuesday tabled a Bill in the legislative Aassembly aimed at creating and operating large investment regions of the State to attract investments.

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The 'Karnataka Special Investment Region Bill' tabled by the Law and Parliamentary Affairs Minister J C Madhuswamy is focused towards "establish, operate, regulate and manage large or mega or super mega-size investment regions and industrial areas or clusters in the State."

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With this, Karnataka aims to "retain its position as a global manufacturing hub, specially enabling economic activity supported by world-class infrastructure, premium civic amenities, centres of excellence and proactive policy framework and for setting up an organisational structure."

The Bill further proposes that the government can declare an existing or upcoming industrial area as ‘Special Investment Region', and states that the Karnataka Industrial Area Development Board (KIADB) will be the Special Investment Region Apex Authority.

A Regional Development Authority, created under this law, will be responsible for development of the Special Investment Regions, including land acquisition, and they can also rope in developers by way of a joint venture agreement.

Another Bill tabled was the Karnataka Land Revenue (Second Amendment) Bill, which allows diversion of agricultural land for non-agricultural purposes within seven days.

The Bill tabled by Revenue Minister R Ashoka that the government has proposed to amend Sections 95 and 96 of the original Act is said to be aimed at freeing up the land market.

With this amendment, a deputy commissioner will have to approve land-use conversion within seven days from the date of receipt of the application, and if approval is not given, then it is deemed granted within 15 days of the application.

The Bill also calls for landowners to submit an affidavit in accordance with the masterplan of the area where the property is located.

"In case the masterplan has not been published or the land is falling outside the local planning area, then the authorities shall furnish their opinion within 15 days," it said.

The government, through the Bill, has proposed a steep hike in penalties for unauthorised diversion of farmlands from Rs 1,000 to Rs 1 lakh.

A further penalty of Rs 2,500 (up from Rs 25) per day will be levied each day during which such contravention continues.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)