Engineering Research Policy:
Karnataka has launched the country’s maiden Engineering Research & Development (ER&D) Policy.
- According to industry apex body Nasscom, ER&D has the potential to become a $100-billion industry in the country in the next five years.
- The ER&D sector in the country is the fastest growing industry with a CAGR of 12.8%. Meanwhile, the global engineering research and development industry is expected to reach a spend of $2 trillion by 2025.
Highlights of the new policy:
- It seeks to raise the contribution to the sector in the country to 45% in the next five years.
- It has the potential to create over 50,000 jobs in the ER&D space in five years.
- The policy aims to prepare the State to make use of the future opportunities emanating from this sector.
- It has identified five key focus sectors as aerospace and defense; auto, auto components, and EV; biotechnology, pharma, and medical devices; semiconductors, telecom, ESDM; and software products.