Karnataka to come up with state space policy: IT-BT minister Priyank Kharge

Karnataka IT-BT minister Priyank Kharge

Karnataka is planning to come up with a state space policy, said state IT-BT minister Priyank Kharge on October 16.

"The Karnataka government is considering the formulation of a state space policy to bolster skills, promote knowledge exchange, foster incubation, encourage innovation, and stimulate manufacturing within the sector," said Kharge.

"The Indian space economy has the potential to grow to $44 billion by 2033 from its current value of $8.4 billion, and Karnataka's space ecosystem is ideally positioned to capitalise on this growth, ultimately capturing over 40 percent of the market share in the Indian space economy," said Kharge.

Kharge also recently engaged in discussions with representatives from the aerospace industry to restructure and revitalise the existing Center of Excellence in Aerospace. "This initiative aims to nurture skills, leadership, and innovation within the sector," he said.

Kharge said, "The Aerospace and Defence (A&D) market in India is projected to reach around $70 billion by 2030, making it imperative for Karnataka to assume a leadership position in this sector."

Separately, Kharge also held discussions with fintech companies and bankers. He acknowledged that India boasts the world's third-largest fintech ecosystem, estimated to be worth $150 billion by 2025. Kharge also highlighted the multifaceted and ever-changing regulatory landscape faced by fintech startups operating in India.

Kharge assured, "While many of the challenges in the fintech sector fall under the jurisdiction of the central government, rest assured that the Karnataka government is committed to advocating for their interests with the finance department and other regulatory bodies."

Also, read: Karnataka to lead India's animation and gaming sector; policy soon: Priyank Kharge