Bengaluru, March 2 : In a bid to remain at the forefront of technological innovation in the coming times, Karnataka on Tuesday launched the Engineering Research and Development (ER&D) Policy - 2021, said Deputy Chief Minister C. N. Ashwathnarayan here.
The ER&D policy comprises five priority sectors -- Aerospace and defence, auto, auto components and electric vehicles, Biotechnology, pharma and medical devices, Electronics System Design and Manufacturing (ESDM), semiconductors and Telecom and Software Products.
After launching the new ER&D policy, the Deputy CM, who is also the minister for Information Technology (IT)/Biotechnology (BT) and Science and Technology (S&T), said the ER&D sector in the country is the fastest growing industry with a compound annual growth rate (CAGR) of 12.8 per cent and the global Engineering Research and Development industry is expected to reach a spending of 2 trillion dollars by 2025.
"Considering this scenario, this policy aims to prepare the state to make use of the future opportunities emerging from this sector," he added.
Ashwathnarayan said Karnataka is a leading contributor to the country's Engineering R&D industry revenue.
"Karnataka is home to more than 400 leading R&D centres/GCCs (global capability centres). This policy aims to retain this position, generation of Intellectual Properties (IPs) and to make this a skilled knowledge capital," Ashwathnarayan said.
Karnataka which has been at the forefront of technological innovation for a long time has come out with this policy intending to make the state a preferred destination of choice for global MNCs, GCC, engineering service providers (ESPs) and to create a suitable ecosystem all across the state.
Chairman of Karnataka Vision Group on IT, Kris Gopalakrishnan, and NASSCOM President, Debjani Ghosh, virtually attended the programme and spoke on the occasion.
Additional Chief Secretary, Department of Electronics, IT, BT and S&T, E.V. Ramana Reddy, QuEST Global and Chair for NASSCOM Engineering President, Ajay Prabhu, and Director of Department of Electronics, IT, BT and S&T and KITS, Managing Director, Meena Nagaraj, were among the dignitaries who were present.