Siddaramaiah Wooes Investors To Invest In Aviation Sector
04 November,Bengaluru
Karnataka Chief Minister Siddaramaiah Wednesday invited industries to invest in Aviation sector in the State assuring all help from the government side.
Speaking at US-India Aviation Summit here, he said that Karnataka has a high potential for aerospace industries due to its strength and advantages like relatively low cost aerospace manufacturing,presence of Defence Public Sector Undertakings, R and D Agencies,expertise in aerospace with number of SMEs, which execute the work for the defence PSUs.
Siddaramaiah said that his state offers plethora of investment avenues spread across the value chain and many industry verticals spanning both products and services sectors. The State has excellent eco system for investments. “I appeal to this august gathering of industry to explore investment opportunities in the State. It would be our pleasure to facilitate your investment proposals,” he added.
The Chief Minister said that the National Investment and Manufacturing Zones (NIMZs) in 12,500 acres of land is approved by Government of India at Vasantha Narasapura in Tumkur district.
He said that Bengaluru, well-known as the Silicon Valley of India, has number of top companies in IT, IT Enabled Services and Electronics Hardware, of which several are part of the supply chainto the Aerospace Sector.
Siddaramaiah said that the State’s entrepreneurial spirit in innovations, R and D has been recognized world over. The United Nations has ranked Bengaluru, as fourth in the World as a ‘GlobalHub of Technological Innovation’.
He said that the State has developed sector specific Aerospace Park at Devanahalli, 35 kms near Bengaluru, with 984 acres including Special Economic Zone area. India’s first private Aerospace SEZ is established at Belagavi.
Stating that Karnataka has been a pioneer in the Aerospace Sector, Siddaramaiah said that Bengaluru is the aerospace hub of India, having more than 65 per cent of the country’s investment inthe sector.
The robust growth potential of aerospace and defence industry is attracting global majors to set up their units in India and thereby providing tremendous opportunities for participation by Indian industry. The Defence Offset clause has also opened up new opportunities for Indian companies in this sector.
He said that India’s Maintenance, Repairs and Operations segmentis estimated to reach Rs 1300 Crore by 2020. Given the labour-intensive nature of MRO, several leading MRO Companies,Original Equipment Manufacturers and International airlines have outsourced this work to Indian Companies.
He said that his government has a forward looking policy for Regional connectivity. Already airports in Mangaluru, Hubballi,Belagavi and Mysuru are functioning and Kalaburagi, Ballari,Hassan and Shivamogga Airports are on the anvil.