The government is working with states on incentives to promote manufacturing of space subsystems in the country, Indian Space Promotion and Authorisation Centre (IN-SPACe) chairman Pawan Kumar Goenka has said.
Addressing a gathering the first National Space Day in New Delhi on August 23, he said, "We are working on fiscal and non-fiscal incentives, along with state governments, to promote manufacturing of space subsystems in India."
The National Space Day celebrates the first anniversary of landing of India’s Chandrayaan-3 near the Moon’s South Pole on August 23, 2023.
"The success of Chandrayaan 3 has put India's technologies in the global spotlight. I am pleased to see the momentum in the private sector ecosystem particularly startups," he said.
Goenka said the number of space startups increased to more than 200, a 5x increase in 5 years, and that investments in the space sector has multiplied 20x in 5 years, crossing $100 million mark 2 years in a row.
"I am very happy to see increasing investments by established companies such as Ananth Technologies, L&T, TASL ,etc. Startups like Dhruva Space, Pixxel, Digantara, Skyroot (Aerospace), and Agnikul (Cosmos) have been building capabilities," he said.
The growth of the private sector is fuelled by the implementation of space sector reforms such as revised FDI norms and space policy.
The IN-SPACe chairman also said the Rs 1,000 crore VC fund announced by finance minister Nirmala Sitharaman during Budget would help new and upcoming enterprises.
Also read: Space startup CEOs applaud Rs 1,000-crore VC fund, but say more govt investment needed for growth
"The Rs 1,000 crore VC fund announced during the Budget will help in addressing critical financing gaps faced by budding enterprises," he added.
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