Part of: GS Prelims and GS – III – Sci & tech; economy
In news
India’s first Engineering Research & Development (ER&D) Policy was launched recently by Karnataka.
Objective: To raise Karnataka’s contribution to the sector to 45% in the next five years.
Key takeaways
The policy has the potential to create over 50,000 jobs in the ER&D space in five years.
ER&D has the potential to become a $100-billion industry in India in the next five years.
The sector is the fastest growing industry in India with a CAGR of 12.8%.
The global engineering research and development industry is also expected to reach $2 trillion by 2025.
Five key focus sectors: Aerospace and defence; auto, auto components and EV; biotechnology, pharma and medical devices; semiconductors, telecom, ESDM; and software products.
