Karnataka unveils draft Space Tech Policy 2024-29

Karnataka government unveiled the Draft Karnataka Space Technology Policy, 2024-29 at the Bengaluru Tech Summit 2024.

Key Details: Vision: The policy aims to make Karnataka a global destination for space technology, targeting 50% of the national market share and 5% of the global market share.

Skill Development: Plans to train and up-skill 5,000 students and young professionals, including 1,500 females, to be employable by domestic and international space companies.

Investment: The policy aims to attract $3 billion in investments into the state's space ecosystem. Infrastructure: Setting up space manufacturing clusters and testing centers through public-private partnerships (PPP) to achieve economies of scale.

Support for Startups and MSMEs: Direct support for approximately 500 startups and MSMEs through grants, equity funding, and subsidies for IP registration, testing, and quality certification.

Satellite Launches: Enabling the launch of over 50 satellites with substantial indigenization. Significance: Economic Impact: The initiative is expected to create 3.5 lakh jobs and generate $50 billion in economic output by 2029.