34 aerospace and defence firms will invest in Karnataka
Bengaluru: To give a massive boost to aviation sector, 34 aerospace and defence companies will invest in Karnataka, as reported by Business Standard.
"In all, 34 aerospace and defence firms have signed an agreement with the state government to invest a total of Rs 2,464 crore in setting up their facilities, which have the potential to create 6,462 direct jobs," the website quoted an official of the Industry Department's Udyog Mitra as saying to IANS.
Abhyuday Bharat defence cluster, Gopalan Aerospace Ltd, Alpha Design Technology and Tesbl Aerospace Corporation are among the companies.
"We have a vibrant aerospace and defence sector ecosystem, which enabled the state to contribute 65 per cent of exports from the country.
The proposed investing firms will attract others to invest in the aerospace sector," minister Jagadish Shettar was quoted as saying.
"With an investor-centric approach, our new industrial policy (2020-25) offers incentives for investing in the state, with regulatory reforms for access to land and labour," Shettar added.
NITI Aayog has rated Karnataka as a top state as it feels the state has strength in human resources, higher education, thrust on research and development, with a conducive investment climate and a pro-active administration.
It should also be noted that Bengaluru is the country's aerospace hub. It is home to several state-run and private firms such as the defence behemoth Hindustan Aeronautics Ltd (HAL), BEL, BEML, NAL, DRDO, ADA, ADE and ISRO.
The deal was signed at the Aero India event in the city. The event is hosted once in two years, showcasing India’s might in the defence sector. The event also sees the participation of several other bigwigs, making it indeed spectacular.
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