Indian Space Association DG hails govt's decision to open space domain for private sector, calls it a ‘game-changer'

indian space association dg hails govt's decision to open space domain for private sector, calls it a ‘game-changer'
DG of Indian Space Association hails govt’s decision to open space domain for private sector, calls it a ‘game-changer’

Hailing the PM Modi-led central government’s decision to open up the space domain to the private sector and establishment of IN-SPACe, Lieutenant General AK Bhatt, Director General of Indian Space Association (ISpA) said that it was a game-changer.

He said, “Our PM’s desire to form an apex space association for articulating and putting forward the aspirations and desires of the space community will help the industry grow multi-folds as the much-awaited policy is announced”.

Speaking at the Astronautical Society of India National Conference on Space Start-up Ecosystem, Lieutenant General AK Bhatt said that space startups have already been receiving private capital incentives in the form of seed funding from angel investors and venture capitalists. “But in order to sustain themselves, they would require active procurement from the government and support for their future development”.

He said that the New Space Policy followed by the Space Activity Bill would ensure prompt and positive action on issues such as the availability of testing facilities, both on the ground and in space, as well as clarity on data use, import incentives, and technical details.

“In addition to this, I’m sure the government will also promptly enact more industry-driven initiatives like PLI incentives, GST reductions, bank loan guarantees, tax holidays, and other assistance to encourage startups in this extremely risky sector,” added Lieutenant General AK Bhatt.

The multitude of permissions and clearances required by startups across several ministries is a major issue, but “I am convinced that with the establishment of IN-SPACe and its promise of a single window, many of these issues, as well as clarity in FDI policy and intellectual property rights for IP created in the space, will be addressed,” concluded Lieutenant General Bhatt.

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