Engineering research policy launched
Context: Karnataka launched the country’s maiden Engineering Research & Development (ER&D) Policy 2021 in order to up its contribution to the country’s ER&D sector to 45% in the next five years.
Details:
- The State government anticipates the policy has the potential to create over 50,000 new 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.
- Through this endeavour, the State government would provide greater impetus to foster innovation while creating lakhs of jobs in the coming years.
ER&D Sector: Engineering and R&D (ER&D) services are those that augment or manage processes that are associated with the creation of a product or service, as well as those associated with maximising the life span and optimising the yield associated with a product or asset.
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