Bengaluru: To boost Karnataka’s contribution to 50 per cent of the national market share and transform the state into a global destination for space technologies, the government on Wednesday unveiled a draft space technology policy.

The Draft Karnataka Space Technology Policy, 2024-29 was released at the 27th Bengaluru Tech Summit during the session on space tech and defence. It outlines the Government of Karnataka’s overall vision for the space sector and identifies key strategic focus areas.

The draft policy was released by Karnataka IT, Biotechnology and S&T Minister, Priyank Kharge, in presence of ISRO chief S Somanath.

According to the executive summary of the policy, the state has a mature ecosystem comprising government, private sector, MSMEs, and academic institutions, including around 10 ISRO centers, creating a strong foundation across the space sector value chain.

The policy also highlights that Bengaluru has become the hub for new space companies, with the highest percentage of space tech startups headquartered in the city. These startups have attracted more than USD 150 million in funding to date.

Following open-house industry consultations and focused discussions with stakeholders, including the Indian National Space Promotion and Authorisation Center (IN-SPACe) and Defence Research and Development Organisation (DRDO), the Karnataka government has proposed the draft policy, as stated in the executive summary.

The draft policy proposes initiatives for skill development of students and young professionals to prepare them for careers in domestic and international space companies, alongside investment incentives to attract both domestic and foreign investments into the sector.

Additionally, the government plans to establish dedicated manufacturing parks for space companies and testing centers across the state.

The proactive measures will also include initiatives to assist startups and MSMEs with research and development, intellectual property creation, and marketing efforts.

The policy also aims to implement extensive approaches to improve the adoption and awareness of space technologies, along with revenue-linked incentives for downstream space companies.