Bengaluru, Aug 30 (KNN) Under the new Aerospace and Defence policy 2022-27, the Karnataka government has set a target to create additional jobs, direct and indirect for 60,000 persons in five years.

The primary objective of the state government is to develop Karnataka as the aerospace and defence manufacturing hub, including MRO and space applications for both the Indian market and exports. It is eyeing to attract investments worth Rs 45,000 crore (USD 6 bn).

The Indian aerospace and defence market is projected to reach approximately USD 70 bn by 2030 and Karnataka is the leader in the sector.

The new policy will work towards strengthening the R&D infrastructure for achieving innovative and cutting-edge technologies and create an enhanced facilitation mechanism for ease of doing business through an industry-friendly policy framework.

Under the aerospace and defence policy, aerospace and defence parks will come up at five hubs. The state government is aiming to make Karnataka as a destination for manufacturing of space applications.

Although, Karnataka was the first state in the country to come up with the aerospace policy, the new policy was announced at a time when the aerospace industrial corridors have come up in Tamil Nadu and Uttar Pradesh.

More than 25 per cent of India’s aircraft and spacecraft industry is based in Karnataka and around 67 per cent of all aircraft and helicopter manufacturing for defence services is done in the state.  (KNN Bureau)