Karnataka aerospace and defence policy to attract Rs 60,000 crore investments in 5 years, says industries minister

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Karnataka Industries Minister Murugesh Nirani on Sunday announced that the Aerospace & Defence (A&D) Policy (2022-27) will be ready by the three-day Global Investors Meet (GIM) beginning on November 2. He said the policy aims to attract investments to the tune of Rs 60,000 crore in the aerospace and defence sector in a five-year period.
Under the A&D policy, which aims to establish Karnataka as the preferred investment destination for aerospace and defence manufacturing, the state will develop five aerospace and defence hubs in Bengaluru, Belagavi, Mysuru, Tumkur and Chamarajanagar.
“The policy promotes A&D parks which will have comprehensive infrastructure facilities, including roads, captive power generation, water supply, facilities for research and development (R&D), common training facilities, common warehouse facilities, plug-n-play facilities like manufacturing complex and built-in space for all precision manufacturing companies, government ITIs to provide courses pertaining to the aerospace and defence sector to create a strong pool of talent for the companies setting up their units within the parks,” Nirani said.
One of the major features of the policy is to create additional employment opportunities of more than 70,000 and aims to develop the state as a manufacturing hub including maintenance, repair and operations (MRO) facilities and space applications for both Indian market and exports, he said.
Nirani, who has piloted the policy, said India’s current market size of approximately $7 billion is expected to grow at a compounding annual growth rate (CAGR) of 7.5 percent to reach $15 billion by 2032, presenting a significant opportunity for defence electronics players to capitalise upon.
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