A nod to the new aerospace and defense policy – The New Indian Express


By Express press service

BENGALURU: The state cabinet on Friday approved the Karnataka Aerospace and Defense Policy 2022-27 with the aim of transforming the state into a defense manufacturing hub. The new policy comes at a time when aerospace industrial corridors are emerging in neighboring Tamil Nadu and Uttar Pradesh. The policy also aims to make Karnataka the preferred investment destination for aerospace and defense manufacturing by securing more incentives and subsidies to component manufacturers and to a large extent serve the purpose of the Ministry of Defense of 70% autonomy in armaments by 2027. .

Briefing the media, the Minister for Law and Parliamentary Affairs, JC Madhuswamy, said that as per the new policy, an additional 5% grant will be given to encourage entrepreneurs and it could be up to 35 lakh Rs per entrepreneur to invest in the five poles of aerospace and defence. in Bengaluru, Belagavi, Mysuru, Tumakuru and Chamarajanagar.

As skilled labor is the need of the hour, up to 10 engineering colleges will impart skills to 200 technical graduates with an offer of Rs 70,000 per month as stipend. The policy states that 25% of India’s aircraft and spacecraft industry is based in Karnataka and 67% of the manufacturing of all aircraft and helicopters for the defense services is done in the state.

Karnataka was the first to implement an aerospace policy in 2013 and it is valid until March 31, 2023. The new policy has now been extended until 2027. It is also expected to attract investors during the Global Investors Meet which will be held in November.

BENGALURU: The state cabinet on Friday approved the Karnataka Aerospace and Defense Policy 2022-27 with the aim of transforming the state into a defense manufacturing hub. The new policy comes at a time when aerospace industrial corridors are emerging in neighboring Tamil Nadu and Uttar Pradesh. The policy also aims to make Karnataka the preferred investment destination for aerospace and defense manufacturing by securing more incentives and subsidies to component manufacturers and to a large extent serve the purpose of the Ministry of Defense of 70% self-reliance in armaments by 2027. Briefing the media, the Minister of Law and Parliamentary Affairs, JC Madhuswamy, said that in accordance with the new policy, a subsidy An additional 5% will be given to encourage entrepreneurs and up to Rs 35 lakh per entrepreneur to invest in the five aerospace and defense sectors. hubs in Bengaluru, Belagavi, Mysuru, Tumakuru and Chamarajanagar. As skilled labor is the need of the hour, up to 10 engineering colleges will impart skills to 200 technical graduates with an offer of Rs 70,000 per month as stipend. The policy states that 25% of India’s aircraft and spacecraft industry is based in Karnataka and 67% of the manufacturing of all aircraft and helicopters for the defense services is done in the state. Karnataka was the first to implement an aerospace policy in 2013 and it is valid until March 31, 2023. The new policy has now been extended until 2027. It is also expected to attract investors during the Global Investors Meet which will be held in November.

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