Advertisement

Updated December 28th, 2023 at 20:56 IST

Space industry seeking bold reforms and clarity on FDI

The space industry welcomed the government decision of approving the Telecommunications Act by the Parliament.

Business Desk
Scientists explore firing nuke ‘millions of miles’ into space to stop catastrophic asteroid.
Scientists explore firing nuke ‘millions of miles’ into space to stop catastrophic asteroid. | Image:AP
Advertisement

Private space industry in India has sought bold and transformative reforms along with clarity on the foreign direct investment to propel the nascent sector in the new year. Also, the industry welcomed the government decision of approving the Telecommunications Act by the Parliament. 

Industry bodies such as Indian Space Association and Satcom Industry Association (SIA-India) have also asked the government to bring the Space Activity Bill for approval of Parliament to give statutory cover to the Space Policy announced earlier this year.

Advertisement

In its pre-budget memorandum, SIA-India has sought increased budgetary outlay for the Department of Space, tax incentives for research and development, extended tax-holiday for deep tech start-ups to seven years, interest rate subsidies, financial incentives for academia and visa programmes for entrepreneurs.

"We expect the Space Activity Bill to be discussed in Parliament which will cover various factors of India's space goals, including insurance in space, international and national obligations, define offences and subsequent punishments, barriers of entry for private companies, liability for damages caused in space," Lt Gen A K Bhatt (retd), Director General, Indian Space Association (ISpA), told PTI.

Advertisement

Representatives of the space industry also said that funds will flow from Indian big companies and there will be financial incentives to private players to be able to operate.

However, prior to implementing financial stimulus and regulatory measures, the space sector requires a comprehensive Quantitative Analysis and delineation of Space Economy Sectors, akin to the OECD framework or the US Bureau of Economic Analysis (BEA) framework, the industry body said.

Advertisement

The emphasis on promoting private entities, encouraging youth participation, and nurturing deep tech startups aligns with the ambitious goals of creating India's space odyssey, with a moon landing by 2040 and a space station by 2035, SIA-India said.

It also wanted the government to establish specialised research and development hubs, testing facilities for space technologies and data centres to process, analyse and store massive data from space-related activities.

Advertisement

With PTI Inputs

 

 

Advertisement

Published December 28th, 2023 at 20:56 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo