Karnataka approves amendments to aerospace, pharma policies
Bengaluru, Sep 1: Karnataka cabinet on Aug 31 gave approval for amendments to industry-specific policies with an intention to maintain the state's leadership position in the aerospace and pharmaceutical sectors.
"There was a proposal seeking amendment to the Karnataka Aerospace Policy 2013-2023, we have approved it," Law and Parliamentary Affairs Minister T B Jayachandra said.
Speaking to reporters after cabinet meeting, he said "We wanted to have a policy projection. There were some things that were getting clubbed into the industrial policy, so we have clarified things here."
"People wanting to look at investment into aerospace sector in the state need not look into industrial policy; they can have a look at our aerospace policy," he added.
Stating that the policy intends to attract investment and to make the state a hub for aerospace sector in Asia, he said during investors meet government had cleared 33 projects from aerospace-related sector with an investment of Rs 14,520 crore aimed at creating jobs for more than 10,000 people.
He said Karnataka is today growing as aerospace hub with helicopter manufacturing unit of Hindustan Aeronautics Limited (HAL) in Tumkur, defence research-related facilities coming up in Chellakere, and also experiments related to development of unmanned aircraft happening here.
The minister said Karnataka has become a hub for design and spare parts manufacturing related to the sector. Cabinet today also approved to bring amendments to Karnataka Industrial Policy 2014-19 to integrate certain aspects relating to pharmaceutical policy through a dedicated chapter on medical devices manufacturing enterprises, with an intention to support the sector in concurrence with assurances made in the Budget 2016-17.
He said government intends to maintain the state's leadership in the pharmaceutical sector and also to attract investment. Cabinet also gave in-principle approval to Urban Development Department to finance its new infrastructure projects with innovative financing methods by mobilising resources in self-sustaining ways for projects like light rail transit system in the city to ease traffic as mentioned in the budget.