Key Points
- Karnataka aims to capture 5% of the global space market by 2029.
- The state targets 50% of India’s space sector market share.
- Focus on creating high-skill jobs, developing space-based applications, and supporting start-ups.
- Karnataka plans to attract $3 billion in investments for the space sector.
- The state will train 5,000 professionals, including 1,500 women, for the space industry.
- A space manufacturing cluster will be developed to boost innovation and industrial scale.
Looma News
Karnataka has released its Draft Space Tech Policy for 2024-2029, aiming to make the state a global leader in the space sector. The policy sets ambitious goals, such as capturing 5% of the global space market and 50% of India’s space market by 2029. Karnataka plans to grow its space ecosystem with investments, job creation, and the development of advanced space-based applications.
The policy emphasizes the importance of Bengaluru, which has become a hub for space companies, with many start-ups attracting over $150 million in funding. Karnataka’s strategy includes supporting over 500 start-ups and small businesses and investing in infrastructure like a space manufacturing cluster and testing facilities.
India’s space goals are also reflected in ISRO’s vision for 2047, which aims to speed up growth in both upstream and downstream sectors. S Somanath, Chairman of ISRO, mentioned the potential for India to grow its share of the global space economy, currently at less than 2%, to at least 10% through innovation and talent development.
The Karnataka government also plans to build a skilled workforce by training 5,000 professionals, including 1,500 women, for careers in the domestic and global space industries. The policy outlines measures to attract $3 billion in investments, support research, and develop space-based solutions for governance.
The draft policy also includes agreements with DRDO for collaboration in defense technologies, as India aims to strengthen its position as a global defense power. Karnataka’s efforts are geared towards making the state a key player in the growing global space economy.
