Aerospace and defence programme is expected to attract Rs 60,000 crore in investment over the next 5 years

The Aerospace and Defence (A&D) Policy (2022-27) will be ready before the three-day Global Investors Meet (GIM), which starts on November 2, according to an announcement made by Karnataka Industries Minister Murugesh Nirani on Sunday.

In the aerospace and defence sectors, the policy, according to him, aims to bring in investments worth Rs 60,000 crore over a five-year period.

Aerospace and defence programme is expected to attract Rs 60,000 crore in investment over the next 5 years 3

The state will build five aerospace and defence hubs in Bengaluru, Belagavi, Mysuru, Tumkur, and Chamarajanagar as part of the A&D policy, which intends to make Karnataka the preferred investment destination for the manufacturing of aerospace and defence.

The policy encourages A&D parks that will have complete 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, such as manufacturing complexes and built-in space for all precision manufacturing companies, and government ITIs to provide courses pertaining to the aerospace and defence sector to create a strong pool of talent.

image courtesy – flyhug

One of the main components of the initiative, according to him, is to generate more than 70,000 new job opportunities and to transform the state into a hub for the manufacturing, including MRO facilities and space applications for the Indian market as well as exports.

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