In its attempt to leverage the potential of Engineering R&D sector and create more job opportunities, the Karnataka government has recently launched the first-of-its-kind ‘Karnataka Engineering Research & Development Policy 2021’. With t
he new policy, the state government also seeks to contribute better to the sector through strategic interventions and bridge the gap between academia and industry.
CN Ashwatha Narayana, Karnataka’s deputy chief minister and in-charge of IT/BT, science and technology portfolio, stated that the policy also aims to prepare the state in taking up any opportunity emerging in the ER&D sector in the future. “The ER&D sector in the country is the fastest growing industry with a compound annual growth rate (CAGR) of 12.8%. Meanwhile, the global Engineering Research and Development industry is expected to reach spending of $2 trillion by 2025,” he added.
With Bengaluru accounting for almost 35 per cent of all the MNCs and over 50 per cent of the fortune 500 companies in the country, the Karnataka state government anticipates that the policy can potentially create more than 50,000 jobs in the ER&D sector in the next five years. With the newly launched policy, it also hopes to rope in ER&D investments into Karnataka and take the sector beyond Bengaluru, the IT capital of the country.
According to Ajay Prabhu, President, Technology Services at QUEST Global and Chair for Nasscom Engineering R&D Council, substantial investments from global engineering and IT companies in Karnataka have already laid the groundwork for boosting the state’s ER&D sector. However, the new policy will pave the way for the state in becoming a hub of innovation and transformation.
Since the ER&D space in India is expected to generate more than 6.5 lakh jobs by 2025, Mr Prabhu added that the policy would be instrumental in actualising this expectation.