Karnataka on Friday at the Aero India signed a Memorandum of Understanding (MoU) with 34 aerospace and defence companies with an investment potential of ₹2,464 crore and to generate 6,462 direct employment.

Major MoU’s signed included Abhyuday Bharat Mega Defense Cluster with an investment of ₹1,000 crore, Gopalan Aerospace – ₹438 crore, Alpha Design Technology and Tesbl Aerospace Corporation ₹250 crore 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,” said Jagadish Shettar, Karnataka Large and Medium Industries Minister at the signing ceremony.

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“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,” he added.

Keeping the investor-centric approach, the state government has launched the New Industrial Policy 2020-2025, to build a prosperous Karnataka and create large-scale employment opportunities.

The industrial policy with forward-looking offers several incentives and regulatory reforms such as land access and labour market regulation. Promoting the economic and industrial development of our state has always been a top priority for the government.

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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 MoU signing ceremony was attended by Gaurav Gupta, Additional Chief Secretary - Commerce and Industries, Commissioner for Industrial Development, Gunjan Krishna Commissioner for Industrial Development and Director, Department of Industries & Commerce, and Managing Director Karnataka Udyog Mitra Revanna Gowda.