The Karnataka Information and Communication Technology Group has set an ambitious target for the state to achieve Rs.4,00,000 crores revenues, 20,00,000 direct employment and more than 1000 new startups by 2020.
Bangalore is home to India’s only defense aircraft-manufacturing company, Hindustan Aeronautics Limited (HAL), and the only satellite-making organization, Indian Space Research Organization (ISRO) in the country. Karnataka also has a thriving automotive sector and the industry’s largest players, for example, Toyota, Volvo, Tata Marcopolo, and Honda, have a strong presence in the state.
Presence of global R&D giants and private sector aviation organizations like BAE Systems, Boeing, Rolls Royce, Honeywell, Snecma, General Electric, Turbomeca, EADS (European Aeronautical Defense and Space Company), Research Center of Boeing, etc., further substantiates the fact that companies based out of Karnataka have a strong presence across the Aerospace and Defence Value Chain.
During the Global Investors Meet, 2010 & 2012 a large number of investors, major players in the aviation sector have shown interest in investing Aerospace Component manufacturing, sub-assemblies and aircraft manufacturing with MRO facilities.
Government of Karnataka has exclusively developed Aerospace Industrial Park in about 1000 acres of land near Bangalore International Airport which includes an Aerospace SEZ in 252 acres of land.
M/s. Quest Global has set up the India’s first Aerospace SEZ in private sector at Belgaum in Karnataka in about 300 acres of land.
Government of Karnataka had announced the country’s first Aerospace Policy 2013-23 for the overall development of the sector which envisages providing adequate infrastructure and incentives.
Karnataka has also set up a manufacturing task force that suggests specific interventions to drive growth in the sector. Its vision is to realize Karnataka among the top 3 states for Manufacturing Investment. We aim to achieve this vision by realizing Manufacturing at 25% of state GDP by 2025, an incremental 1.5 crore jobs and to ensure a balanced and inclusive growth across the state.
Karnataka’s new industrial policy to be introduced in April 2014, aims to make State as one of the top three investment destination and ensure balanced and integrated industrialization.
The policy targets to attract investments of Rs.5 lakh crore, creation of additional employment of 15 lakh, impetus through National Investment and Manufacturing Zones, development of industrial infrastructure, promotion of entrepreneurship and skill up gradation and attractive packages and incentives for MSME’s are some of the salient features of the Industrial policy. This policy will address varied needs of industry, investors and entrepreneurs and promote Karnataka as a brand at international platforms.
Karnataka offers a plethora of investment opportunities throughout the Aerospace and Defence value chain spanning both the manufacturing and services side.
Our endeavor, as the state, is to achieving sustainable and orderly industrialization and urbanization by improving governance through wider participation and decentralization and create an atmosphere of healthy governance which impacts every section of the society.
Over the last 2 days we have had a round of meetings with a number of investors who have expressed strong interest in investing in Karnataka.
We intend to take Karnataka from one of the top preferred business destinations to the most preferred business destination in South East Asia and as a step in that direction Government of Karnataka is planning to conduct Global Investors Meet 2014 to showcase Karnataka as an investment hub.
FOR: IBC NEWS.