New policy: Karnataka eyes USD 6 billion investment in aerospace & defence sector in 5 years
PTI, Aug 29, 2022, 5:27 PM IST
Representational Image
Bengaluru: The Karnataka government has come out with a new Aerospace and Defence policy with a package of incentives and concessions aimed at attracting investment to the tune of Rs 45,000 crore (USD six billion) in five years.
The policy 2022-2027 also has an objective to create additional 60,000 jobs (direct and indirect) during this five-year period.
The package includes certain investment promotion subsidies, and exemption from stamp duty and concessional registration charges, according to a government order issued on August 26.
Karnataka has been a leader in the aerospace & defence industry due to the presence of a strong ecosystem. ”As much as 25 per cent of India’s aircraft and spacecraft industry is based in Karnataka, where 67 per cent of all aircraft and helicopters manufacturing for Defence services is done,” said Commerce and Industries Department officials. The State contributes to 65 per cent of the country’s aerospace-related exports, they say.
Karnataka has significant potential to further grow as a leading state in the sector due to several advantages including expertise in aerospace with more than 2,000 SMEs and the presence of 70 per cent of India’s supplier base which executes niche sub-contracting work for defence PSUs.
Bengaluru, being recognised as the Silicon Valley of India, has a number of top companies in IT/ ITES and electronics hardware, many of them being a part of the supply chain to the aerospace sector.
Karnataka has the maximum number of engineering graduates in the country, with a large number of them employed in IT, design & engineering affirming advantageous positions with reference to skillsets. The new policy aims to develop Karnataka as the aerospace & defence manufacturing hub including MRO and space applications for both the Indian market and exports, and to strengthen R&D infrastructure for developing innovative and cutting-edge technologies, officials said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
TCS World 10K: New starting point, meticulous arrangements in place
Bengaluru-Mangaluru special trains announced for April 25 and 26
South Karnataka on high alert over bird flu reported in Kerala
Modi will go to jail if electoral bonds ‘scandal’ is investigated: M B Patil
Country’s biggest leader given up morality, does not walk on path of truth: Priyanka Gandhi on PM
MUST WATCH
Latest Additions
Intense heat wave in eastern states spreads to south India
Sexual harassment case against ex-WFI chief: Court to pass order on closure report on May 20
Modi is ‘Vish Guru’, never respected ‘magalsutra’: Jairam Ramesh
TCS World 10K: New starting point, meticulous arrangements in place
Congress complains to EC, alleges ‘misinformation’ by BJP about manifesto