FDI policy for space start-ups in final stage: INSPACe Chief

Bengaluru, June 12 (KNN) The Indian National Space Promotion and Authorisation Centre (INSPACe) is finalising a new Foreign Direct Investment (FDI) policy for space start-ups, confirmed its Chairman Pawan Goenka.

The newly-created INSPACe, under the Indian government’s Department of Space will launch the new FDI for space startups anytime soon.

“The policy has been defined, it has been agreed to by all and I believe that it is a very good, balanced policy that is directed towards creating opportunity for growth for Indian companies and at the same time allowing foreign companies to come in and play a major role both in terms of bringing technology and bringing investment,” Goenka said.

He was speaking at an international conference, Spacecraft Mission Operations (SMOPS-2023), organised by the Indian Space Research Organization (ISRO) in Bengaluru on June 8 and 9.

Pointing out the FDI constraint as one of the issues in the space sector because many of the start-ups are not able to get investments for their growth, he said, “Many foreign companies who want to grow their business in the space sector in India are not able to do so due to the FDI policy.”

Goenka said that the space sector in India remains a sunrise sector despite being in existence for 60 years.

He said under the new space policy crafted by the GoI, the role of ISRO would move increasingly towards research and hand-holding private enterprises to whom technology would be transferred collaboratively.

“Under the new space policy, nothing is off limits for the private sector. This is the primary objective of the policy. Building satellites and rockets, owning space assets, delivering commercial service, creating infrastructure… At present, all of this is under ISRO but the vision is that the private sector will come forward and play a major role in how the space sector moves forward in India,” he said.  (KNN Bureau)