Bengaluru, Oct 17 (KNN) Karnataka’s IT-BT minister Priyank Kharge on Monday informed that the state is planning to come up with a state space policy.

"The Karnataka government is considering the formulation of a state space policy to bolster skills, promote knowledge exchange, foster incubation, encourage innovation, and stimulate manufacturing within the sector," said Kharge.

He said that the Indian space economy has the potential to grow to USD 44 billion by 2033 from its current value of USD 8.4 billion, and Karnataka's space ecosystem is ideally positioned to capitalise on this growth, ultimately capturing over 40 per cent of the market share in the Indian space economy.

Kharge, who had recently engaged in discussions with representatives from the aerospace industry to restructure and revitalise the existing Center of Excellence in Aerospace said, “This initiative aims to nurture skills, leadership, and innovation within the sector.”

"The Aerospace and Defence (A&D) market in India is projected to reach around USD 70 billion by 2030, making it imperative for Karnataka to assume a leadership position in this sector,” he said.

Separately, Kharge also held discussions with fintech companies and bankers. He acknowledged that India boasts the world's third-largest fintech ecosystem, estimated to be worth USD 150 billion by 2025. Kharge also highlighted the multifaceted and ever-changing regulatory landscape faced by fintech startups operating in India.

"While many of the challenges in the fintech sector fall under the jurisdiction of the central government, rest assured that the Karnataka government is committed to advocating for their interests with the finance department and other regulatory bodies,” he said. 

(KNN Bureau)