Bangalore: The Karnataka government declared on Monday that as on August 26 its Aerospace and Defence Policy 2022-27 is in force. The programme, which the government approved on August 12, aims to increase investment and make Karnataka the top location for aerospace and defence industry investments, reported The Indian Express.

The state government with the new policy aims to raise investments worth Rs 45,000 crore to the state, in the next five years, as per its policy statement.

“The policy objectives of Karnataka Aerospace and Defence Policy 2022-27 is to attract investments to the tune of Rs 45,000 crore in the aerospace and defence sector during the policy period of five years,” said Dr E V Ramanna Reddy, additional chief secretary, commerce and industries department in a statement.

It also hopes to create employment opportunities for about 60,000 people in the state directly and indirectly. Additionally, it aims to establish Karnataka as a centre for aerospace and defence manufacturing, with a focus on space applications for both the domestic market and exports, as well as maintenance, repair, and overhaul (MRO).

According to the press release, the policy also aims to improve the facilitation mechanism for ease of doing business through an industry-friendly policy framework.

In 2013, Karnataka became the first state to release an aerospace and defence policy, and in 2016, it underwent revisions. Additionally, the government is building phase 2 of the aerospace and defence park on more than 1,200 acres at Haralur, close to Kempegowda International Airport, as per a Karnataka state minister.

Karnataka is also home to 67 percent of all aircraft and helicopter manufacturing for defence in the country.