Karnataka launched the country’s maiden Engineering Research & Development (ER&D) Policy to raise its contribution to the sector in the country to 45% in the next five years.
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The State government anticipates the policy has the potential to create over 50,000 jobs in the ER&D space in five years.
According to industry apex body Nasscom, ER&D has the potential to become a $100-billion industry in the country in the next five years.
The ER&D sector in the country is the fastest growing industry with a CAGR of 12.8%. Meanwhile, the global engineering research and development industry is expected to reach a spend of $2 trillion by 2025.
The new policy has identified five key focus sectors such as aerospace and defence; auto, auto components and EV; biotechnology, pharma and medical devices; semiconductors, telecom, ESDM; and software products.
