Karnataka inaugurated the Engineering Research and Development (R&D) Policy 2021 that has likely to generate employment up to 50,000 new jobs and direct investment into the state beyond Bengaluru within the next five years.
The policy, released by Karnataka’s Department of Electronics, IT & Biotechnology, will also look at increasing the state’s contribution to ER&D to 45 percent in the five-year period. It was created along with the IT industry structure, NASSCOM.
Ashwath Narayan CN, Deputy Chief Minister, Karnataka, during the launch of the policy said, “The State’s ER&D industry has witnessed accelerated growth over the recent years, and Karnataka has evolved to be the preferred home. In recognition of the same, the Government of Karnataka has taken the lead in coming up with a progressive ER&D Policy.”
ER&D Market in India
Karnataka is one of the largest donators to the ER&D industry, which is one of the fastest-growing sectors in IT. At $31 billion, India holds about 30% market share in global ER&D outsourcing services. It is expected to touch $63 billion by 2025.