Space industry seeks boost from govt to target global markets

livemint.com:

Mint, Pawan Kumar Goenka, chairman of Centre-affiliated space activity body Indian National Space Promotion and Authorization Centre (In-Space), said that the body has, as per the norm with government agencies, submitted its demand from the industry with the finance ministry. While In-Space or Goenka did not comment on what demands have been put forth, industry stakeholders said that the upcoming Union Budget is likely to include “strategic incentives that boost domestic demand generation—including funds to incubate new ventures, and direct government agencies to be customers to the industry," a senior government official with direct knowledge of the matter said.

Building scale for the private space sector, industry veterans said, could be key. “We hope to see PLI incentives for key components, lower GST rates, tax holidays for space startups, lower rates for import duties of key components, and low-rate financial loans that will enable funds to support space ventures," said Anil Kumar Bhatt, director general of industry body Indian Space Association (ISpA).

While the FDI has been a big boost, internal support will go a long way to boost the sector, he added. Pawan Kumar Chandana, chief executive of domestic space startup Skyroot Aerospace, said, “It would have a great impact if the budget allocated for In-Space were multiple times what it was, as it can benefit hundreds of startups." The body counts the likes of Larsen & Toubro, Bharti Airtel, Bharat Forge, Godrej & Boyce and Hindustan Aeronautics Ltd, among others, as its members.