FDI policy for space sector in final stages of being announced by government: ISpA

NEW DELHI: The eagerly awaited Foreign Direct Investment (FDI) policy , critical for the development of the space sector, is in the final stages of being announced by the government, said the Indian Space Association ( ISpA ) on Friday in its year-end statement. “Policy wise, the eagerly awaited Foreign Direct Investment (FDI) Policy which would be critical for the development of space sector, is in the final stages of being announced by the government. We also expect the Space Activity Bill to be discussed in the Parliament,” said AK Bhatt , Director General of ISpA in a statement.

“We believe once the FDI policy is in place, funds will flow from Indian big companies once they become profitable. There will be financial incentives to private players to be able to operate and they will be able to get finances not only from the country, but from international sources too,” Bhatt said. Advt The government this year also released the Indian Space Policy – 2023 which allows private players to carry out all activities in all possible verticals, from launch vehicles, communications, applications, to even carry-out asteroid mining in the future.

It also established the Indian National Space Promotion and Authorization Center (IN-SPACe) as a regulatory agency. The Delhi-based association of space startups and satellite communications players said these policies will help solidify the industry’s position and create more opportunities for the industry to grow at a rapid pace. Next year, ISpA expects Indian space companies and startups to receive orders from the defense sector in the upcoming year “reflecting the growing synergy between the private sector and government entities”.

According to ISpA, India’s space startups have received a total funding of $123. 90 million in 2023, taking the total funding to $380. 25 million received to date.

In the past year, a total of 54 new space startups have emerged, bringing the current count of space startups in India to 204. “With a convergence of technological advancements, policy support, and international collaborations, the private space industry is on the cusp of a transformative year, marking a new chapter in India’s space exploration journey,” Bhatt said. ETTelecom Published On Dec 23, 2023 at 08:54 AM IST Telegram Facebook Copy Link Be the first one to comment.

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We also expect the Space Activity Bill to be discussed in the Parliament,” said AK Bhatt, Director General of ISpA in a statement. “We believe once the FDI policy is in place, funds will flow from Indian big companies once they become profitable. There will be financial incentives to private players to be able to operate and they will be able to get finances not only from the country, but from international sources too,” Bhatt said.

The government this year also released the Indian Space Policy – 2023 which allows private players to carry out all activities in all possible verticals, from launch vehicles, communications, applications, to even carry-out asteroid mining in the future. It also established the Indian National Space Promotion and Authorization Center (IN-SPACe) as a regulatory agency. The Delhi-based association of space startups and satellite communications players said these policies will help solidify the industry’s position and create more opportunities for the industry to grow at a rapid pace.

Next year, ISpA expects Indian space companies and startups to receive orders from the defense sector in the upcoming year “reflecting the growing synergy between the private sector and government entities”. According to ISpA, India’s space startups have received a total funding of $123. 90 million in 2023, taking the total funding to $380.

25 million received to date. In the past year, a total of 54 new space startups have emerged, bringing the current count of space startups in India to 204. “With a convergence of technological advancements, policy support, and international collaborations, the private space industry is on the cusp of a transformative year, marking a new chapter in India’s space exploration journey,” Bhatt said.

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