Karnataka unveils draft space technology policy aiming to attract $3 Billion investments

Unveiled by ISRO Chairman Dr. S Somanath, the policy aims to position Karnataka as a global space leader, targeting $3 billion in investments, 50 percent of India’s space market share and 5 percent of the global market share

Published Nov 20, 2024 | 3:53 PM ⚊ Updated Nov 20, 2024 | 3:53 PM

Karnataka unveils draft space technology policy

The Karnataka state government has launched its ambitious draft Karnataka Space Technology Policy, 2024-29, during the 27th edition of the Bengaluru Tech Summit.

The policy, unveiled by ISRO Chairman Dr. S Somanath, seeks to position the state as a global leader in the rapidly evolving space sector, targeting $3 billion in investments and aiming to capture 50 percent of India’s space market share, along with 5 percent of the global market share.

The draft policy outlines an extensive strategy that covers both upstream and downstream segments of the space industry, including commercial space operations, defence applications, electronics, and space research in specialised fields such as astronomy and astrophysics.

Key initiatives under the policy

Skill Development: The policy targets the training of 5,000 professionals, including 1,500 women, to boost employability within the space sector.
Investment Attraction: With the goal of bringing in $3 billion, the state will offer incentives and conduct outreach campaigns to attract investments.
Infrastructure Development: Plans are in place to establish space manufacturing clusters and testing facilities, encouraging economies of scale and private-public collaboration.
Innovation and Support: The policy aims to support 500 space start-ups and MSMEs with grants, funding, and subsidies for activities such as IP registration, testing, and marketing. One of the policy’s key goals is to facilitate the launch of more than 50 indigenised satellites.
Adoption and Awareness: Karnataka plans to promote the adoption of space technology across critical sectors like agriculture, urban planning, and rural development, while also offering incentives for start-ups that provide socio-economic benefits.

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Chief Minister’s tech vision for Karnataka

The launch of the space policy comes as part of broader efforts by Chief Minister Siddaramaiah to enhance Karnataka’s standing as a global technology and innovation hub.

During the Bengaluru Tech Summit, Siddaramaiah outlined an ambitious roadmap for the state’s tech and manufacturing sectors.

A major highlight was the announcement of the establishment of Global Innovation Parks in Bengaluru, Mysuru, and Belagavi. These parks are intended to serve as dedicated hubs for attracting top Global Capability Centres (GCCs), reinforcing Karnataka’s role as a key destination for technology-driven enterprises.

Siddaramaiah also unveiled the Global Capability Centres (GCC) Policy, which aims to create 350,000 jobs and contribute an estimated USD 50 billion to the state’s economy over the next five years. The policy targets the expansion of 500 GCC units across Karnataka, fostering growth in both technology and manufacturing industries.

(Edited by Ananya Rao with inputs from Mahesh M Goudar)