Karnataka aims to attract $3 bn in space tech investments, support 500 startups

ISRO Chariman S Somanath during the launch of the draft Karnataka Space Technology Policy on November 20

The Karnataka government is aiming to attract $3 billion in investments in the state's space tech ecosystem, the executive summary of the draft Karnataka Space Technology Policy 2024-29 on November 20 said.

To be sure, the Karnataka government released the draft space tech policy as part of the Bengaluru Technology Summit on November 20. However, the full text of the policy has not been made public yet.

The summary, which Moneycontrol has reviewed, also says that the government will set up a space manufacturing cluster in the state through PPP mode and also create common testing facilities that will be available for both the private and public sectors.

Apart from that, the state government will directly support 500 startups and MSMEs through grants, equity funding and subsidies for IP registration, testing, standards and quality certification, according to the the summary.

Through this, the government aims to enable the development and launch of over 50 satellites. The policy also said that the 5,000 students and young professionals, including 1,500 women will be trained for gaining employment in the domestic and global space sector.

The summary also says that the government will take a digital public infrastructure approach to improve the adoption of space technologies.

"An inter-departmental committee will be constituted to define space-based solutions for governance; Revenue based incentives for downstream applications which has resulted in positive socio-economic benefits in specific sectors viz., agriculture, forest management, fisheries, mining, urban development and rural development will be provided to the Start-Ups/MSMEs," it added.

"Karnataka, particularly Bengaluru has already become the hub for NewSpace companies with the highest percentage of space tech. Start-Ups headquartered/located in Bengaluru and have attracted more than $150 million in funding till date," it added.

The draft policy launch on the second day of the 27th edition of Bengaluru Tech Summit, 2024, commenced with a session on space technologies. The session had keynote speeches from ISRO chairman S Somanath, Anne Neuberger, Deputy National Security Advisor of the United States of America and others.