Aerospace and engineering major QuEST Global on Saturday launched the country's first aerospace Special Economic Zone in Karnataka for development and manufacture of aerospace precision engineering products.
Inaugurating the SEZ, Civil Aviation Minister Praful Patel said India was set to emerge as a major destination in aerospace engineering after showcasing its strength in IT and engineering sectors.
The SEZ has come up on a 300 acre site at an investment of Rs 150 crore.
"Had India not notched up a faster growth in aviation sector and acquired a large number of aircraft, its capability in aviation engineering would not have been noticed. The offset clause of defence and civilian aircraft purchases had also helped foreign majors to look at us," he said.
Patel lauded the role played by Karnataka in promoting the aerospace industry saying "Indian companies based in Bangalore and Mysore have taken up major works for leading international aviation companies".
It was important that both the Central and state governments facilitate aerospace industries which were positioned well to be the next big players in the sector, he underlined.
Chief Minister B S Yeddyurappa said the SEZ in Karnataka would act as a catalyst to foster economic growth in this region. "We are in the process of acquiring 5,000 acres of land to develop industrial clusters across the state", he said.