Bangalore: The new BJP government in Karnataka has announced that it would effect changes in the current Industrial Policy 2006-07 in the next three months to facilitate greater investment in the state.

The decision to review the policy comes in the wake of a fall in investments and manufacturing in the state during the last fiscal.  In 2007-08, only 728 projects worth Rs 10,309 crore were cleared as compared to 881 projects worth Rs 11,954 crore approved in 2006-07.

Speaking to reporters during his first press conference, Industries Minister Murugesh Rudrappa Nirani said that all stakeholders would be consulted and industrial models in Gujarat, Maharashtra and Tamil Nadu will be studied before modifying the policy.

Nirani said that the government would expedite work on the Chennai-Bangalore-Mumbai industrial corridor to help industries move out of the already overcrowded Bangalore area. He elaborated that the corridor would be laid out along National Highway 4 and would pass through 20 towns. The government plans to acquire 100-150 acres of land along this route for industrial development.

The government will continue to promote the growth of special economic zones and 45 SEZ projects worth Rs 25,000 crore have already been approved and another 8 projects    have got sector-wise in-principle approvals.

In addition to clearing  120 pending investment proposals worth Rs 20,000 crore shortly, the government will address issues related to skill upgradation in manufacturing sectors and will work towards reducing land availability problems for special economic zones.