A meeting of the state cabinet cleared Thursday new policies for the information technology (IT) and textiles sectors with the aim to bring more investment and generate additional employment.
The new IT policy reduced bureaucracy in single-window clearances to projects by constituting a committee under the minister concerned to provide even on-the-spot clearances,law minister T B Jayachandra said.
The aim,he said,was to attract Fortune 500 companies to the state to create more employment.
To give the single-window clearance agency more power for faster clearances to projects,an amendment in law has been proposed.
The new policy tries to match incentives offered to the industry by Tamil Nadu and Andhra Pradesh,including land allocation.
Bangalore is the second-biggest IT exporter in the world after Silicon Valley in the US. The target is to become number one in seven years, Jayachandra said.
The new textile policy proposes an investment of Rs 1,000 crore during 2013-2018 to bolster the sector which is a key source of employment.