Revival of the Space FDI policy in the works: IN-SPACe Chairman Pawan Goenka

economictimes.indiatimes.com:

Pawan Goenka, Chairman, Indian National Space Promotion and Authorization Center (IN-SPACe). He was speaking at the fourth edition of the Space Economy Leaders Meeting in Bengaluru on Thursday. Representatives from 86 Space companies were present at the meeting.

“Today, India has more than 150 (Space) startups… The 60-year-old sector is becoming a sunrise sector in India…Global partnerships are important to all of us, especially India. In technology, and infrastructure, connecting private industry with trade agreements are also important," Goenka said. Amitabh Kant, G20 Sherpa said that the space economy is experiencing rapid growth with increasing revenue and more commercial actors entering the sector.

Studies say it could become a $1 trillion sector in the coming decades, he said. “This exponential growth necessitates support from governments worldwide. That's why we are discussing space as a formal element within the G20 meet,” Kant said.

«Revival of the Space FDI policy is currently in the works, and we hope that it will be released soon. Also, there is the Space Activities Bill, to make some of these changes into law, which is under consideration,» Goenka added. The Bill covers various factors of India's space goals, including international and national obligations, defines offences and subsequent punishments, barriers of entry for private companies, liability for damages caused in space etc.Somanath S, chairman of the Indian Space Research Organisation said that bringing the leaders of space agencies and industries from 26 countries for a face-to-face meeting in a short time was a challenge to India.