Murugesh Nirani Large and Medium Industries announced that the Aerospace & Defence (A&D) Policy (2022-27) will be ready by the three-day Global Investors Meet (GIM) beginning on November 2.
The said policy aims to attract investments to the tune of Rs 60,000 crore in the aerospace and defence sector in a five-year period, the minister added.
Under the A&D policy, which aims to establish Karnataka as the preferred investment destination for aerospace and defence manufacturing, the state will develop five aerospace and defence hubs in Bengaluru, Belagavi, Mysuru, Tumkur and Chamarajanagar.
“The policy promotes A&D parks which will have comprehensive 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 like manufacturing complex and built-in space for all precision manufacturing companies, government ITIs to provide courses pertaining to the aerospace and defence sector to create a strong pool of talent for the companies setting up their units within the parks,” Nirani said.
Nirani said “Our aim is to attract investments to the tune of Rs 60,000 crore in the aerospace and defence sector during the policy period of 5 years.”