: Mysuru turning into a hub for Defence Research and Development Organisation #IndiaNEWS #News Investments open for defence, aerospace sectors Bengaluru: Making a strong pitch for investments in

@IndiaNEWS

Posted in: #IndiaNEWS

Mysuru turning into a hub for Defence Research and Development Organisation #IndiaNEWS #News
Investments open for defence, aerospace sectors



Bengaluru: Making a strong pitch for investments in defence and aerospace sector, Large and Medium Industries Minister Murugesh Nirani said the State Government is planning to offer enhanced incentives to MSMEs to make them competitive as part of the new Aerospace and Defence policy.



Addressing business leaders and delegates after inaugurating Lockheed Martin’s 8th Annual India Suppliers Conference here, Nirani said the new policy will be introduced as part of the Government’s “proactive approach to update our policy to provide a key push for this important sector.�



The Government is also in the process of setting up a 1,200-acre defence and aerospace park in Devanahalli, which may also be officially announced at the end of December.



The new policy would concentrate on drawing original equipment manufacturers (OEM) to the State and the State Government is looking to create clusters not only in Bengaluru but other parts of the State like Tumakuru, where the helicopter complex under Hindustan Aeronautics Limited (HAL) is coming up, Chamarajanagar, Mysuru and even Chitradurga which is turning into an important hub for units of Defence Research and Development Organisation (DRDO).



Karnataka positioned itself as a prime location for the Aerospace and Defence industry in India. Establishment of institutions and PSUs like HAL, NAL, DRDO, ISRO and IISc., created a strong ecosystem and as a result, leading global players have set up their shops in the State.



Karnataka is already leading the realm when it comes to a strong industrial base. “Our Gross State Domestic Product (GSDP) is approximately Rs. 17 lakh crore and accounts for the highest total exports among all States in India,� he said.



Elaborating further on Karnataka’s predominant position in the defence and aerospace sector, the Minister said 25 percent of India’s aircraft and spacecraft industry is based in Karnataka.



“More than 67 percent of all Aircraft and Helicopter manufacturing for Defence services is done in Karnataka and it contributes to 65 percent of country’s aerospace related exports. We are home to more than 2,000 Small and Micro enterprises along with 70 percent of India’s supplier base which execute subcontracting work for the Defence PSUs,� added Nirani.
The post Mysuru turning into a hub for Defence Research and Development Organisation appeared first on Star of Mysore.

Intraday stocks under 50 NSE India Twitter of India

Vote Up Vote Down

Login to post a comment!