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Business EconomyPosted at: Feb 5 2021 6:47PM


Aero India: K'taka Govt inks MoU worth Rs 2464 cr

Bengaluru, Feb 5 (UNI) The Government of Karnataka today signed Memorandum of Understanding (MoU) with 34 Aerospace and Defense firms at the 13th edition of Aero India Show, to bolster international aviation business and emerge as the aerospace hub for Asia in the coming years.
The MoU’s were signed at the 13th edition of Aero India Show 2021 and will attract an investment of INR 2,464 crores and generate 6,462 direct employment opportunities.
The key MoU’s that were signed include Abhyuday Bharat Mega Defense Cluster with an investment of INR 1,000 crore, Gopalan Aerospace Pvt Ltd – INR 438 crores, Alpha Design Technology and Tesbl Aerospace Corporation INR 250 crores respectively.
“Karnataka has a vibrant aerospace and defence sector ecosystem in the country. With Karnataka contributing to over 65 per cent of defence and aerospace exports from the country, these MoU’s with various companies will encourage to attract further investments and generate employment in the state,” Jagadish Shettar, Large and Medium Industries Minister said during the signing of the MoU.
This is also an effort to display the strength of the state's aerospace and Defense ecosystem manufacturing prowess. Our government remains committed to making Karnataka an attractive business and investment destination, Shettar added.
Karnataka is home to India's Aerospace industry. The establishment of Hindustan Aeronautics Limited (HAL) in 1940 heralded the aerospace activities in Bangalore. The subsequent establishment of defence public sector undertakings and R&D institutions like BEML, BHEL, GTRE, NAL, DRDO, ADA, ADE, ISRO, etc. Karnataka as a prime location for the Aerospace industry in India.
Keeping the investor-centric approach, our government has launched the New Industrial Policy 2020-2025, to build a prosperous Karnataka and create large-scale employment opportunities. This industrial policy is very forward-looking and brings several incentives and regulatory reforms such as land access and labour market regulation. Promoting economic and industrial development of our state has always been a top priority for the government.
The recent 2020 NITI Aayog 2019 Innovation Index has Karnataka at the top. This has been possible due to the availability of quality human resources, reputed higher educational institutions, and a significant thrust on research and development aided by a proactive administration and conducive investment climate.
The event was attended by Gaurav Gupta IAS Additional Chief Secretary - Commerce and Industries, Commissioner for Industrial Development, GOK, Gunjan Krishna IAS Commissioner for Industrial Development and Director, Department of Industries & Commerce, GOK and Managing Director Karnataka Udyog Mitra Revanna Gowda.
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Tags: #Aero India: K'taka Govt inks MoU worth Rs 2464 cr
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