Bengaluru: With the State government keen on offering more incentives and concessions to draw global majors in aerospace and aviation sector to Karnataka, the State Cabinet on Wednesday approved amendments to the Karnataka Aerospace Policy 2013-23.
The State government’s aim is to make the state more attractive for investors to bring their projects here and to make it a global aerospace industrial hub. The recent Global Investors’ Meet (GIM) saw investment proposals of Rs 14,520 crore for 33 projects. Over 10,000 jobs are expected to be generated.
“Karnataka is already the leading player in the aerospace sector in the country and we want to further consolidate it,” Law and Parliamentary Affairs minister T B Jayachandra said while briefing reporters about the decisions.
Jayachandra further informed that a helicopter manufacturing hub is coming up at Gubbi in Tumakuru and an Aeronautical Test Range (ATR) of the Defence Research and Development Organisation (DRDO) is coming up near Challakere in Chitradurga district. Tier-II cities such as Mysuru and Belagavi will rise as aerospace spare parts manufacturing hubs, he said.
The policy amendments will also help bring in investment in establishment of a Defence Industrial Park in the state.
The amendments in the policy are additional concessions like exception from stamp duty and registration charges, exemption of entry tax, investment promotion reimbursement subsidy, concession on land conversion fee and electricity duty exemption.
