Under its new industrial policy, Karnataka aims to boost manufacturing in the state. Industries minister, Jagadish Shettar, on Wednesday said the new policy was aimed at placing the state at the top of the global manufacturing chain
BENGALURU: The Karnataka government has cleared a ₹438 crore investment proposal by Gopalan Aerospace, a precision engineering company, to start manufacturing of aerospace components in Chikkaballapura, around 60 km from Bengaluru.
The state government, in its order, has tasked the Karnataka Industrial Area Development Board (KIADB) to allot 40 acres to the company at Mastenahalli Industrial Area which is expected to generate 1,000 new job opportunities.
"We are in the pipeline of getting the order," Chandrashekar C, vice president, Gopalan Aerospace, said.
He said the company hopes to complete setting up the unit by the end of 2021 and start production soon after.
The project comes at a time when the Karnataka government has been actively pursuing and approving fresh investments to help revive the state’s fledgling economy.
Despite being one of the worst hit states by covid-19, the BS Yediyurappa-led state government was forced to lift lockdown restrictions faster than others given the acute fund crunch.
Under its new industrial policy, Karnataka aims to boost manufacturing in the state. Industries minister, Jagadish Shettar, on Wednesday said the new policy was aimed at placing the state at the top of the global manufacturing chain.
Karnataka is also targeting sector specific investments in areas like information technology, aerospace, biotechnology, electronics, among others.
Bengaluru is ranked among the top three foreign direct investment (FDI) destinations for aerospace, behind Singapore and London, according to a July report by fDiIntelligence.com.
The report said around 7,000 aerospace jobs were created between 2015 and 2019. Karnataka is home to some of India’s largest aerospace companies like Hindustan Aeronautics Limited (HAL). Large global players like Rolls-Royce, Airbus, and Boeing, among others, have offices in Bengaluru.
“The state has been supporting the aerospace and defence industry, which has gained immensely from the confluence of highly skilled talent pool, manufacturing competence and research & design capabilities present in the state capital," Gaurav Gupta, principal secretary, Department of Industries & Commerce said.
He added that the new policy will continue to attract more investments in the sector.
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