The Karnataka government has launched a new space technology policy aiming to attract $5 billion in investments over the next five years. The initiative seeks to support over 500 startups and MSMEs, create 50,000 high-skill jobs, and position the state as a global hub for space innovation and manufacturing.
Karnataka has announced an ambitious space technology policy designed to transform the state into India’s leading hub for space innovation. The policy, unveiled at the Bengaluru Tech Summit, sets a five-year roadmap to attract $5 billion in investments, strengthen the startup ecosystem, and capture nearly half of India’s projected $22 billion space market by 2033.
Key highlights from the announcement include
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The policy aims to attract $5 billion in space sector investments over the next five years.
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More than 500 startups and MSMEs will be supported through funding, incubation, and infrastructure.
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The initiative is expected to generate over 50,000 high-skill jobs in Karnataka.
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The government will provide Rs 1 crore for testing support and Rs 75 lakh for technology transfer to eligible firms.
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The state targets capturing 50% of India’s projected $22 billion space market by 2033.
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The policy emphasizes collaboration with ISRO, IN-SPACe, NSIL, and private players to accelerate commercialization.
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Bengaluru, already home to a thriving aerospace ecosystem, will serve as the focal point for implementation.
Industry experts view the policy as a strategic step to leverage Karnataka’s existing strengths in aerospace and IT. By fostering innovation, encouraging private participation, and offering financial incentives, the state aims to position itself as a global leader in space technology and manufacturing.
This development underscores Karnataka’s vision of integrating space technology into its broader economic growth strategy. With strong government backing and a vibrant startup ecosystem, the policy is expected to drive innovation, attract global partnerships, and reinforce India’s role in the emerging global space economy.
Sources: Economic Times, Vartha Bharati, Hindu BusinessLine