India has taken measures to ensure tariff-related fluctuations do not disrupt the space sector, Pawan Kumar Goenka, Chairman IN-SPACe told Moneycontrol, at a time when reciprocal levies between US and trading partners are souring global equity and business sentiment, and prompting industries to assess the fallout,
India’s space sector is expected to remain largely unaffected, said Pawan Kumar Goenka, Chairman of the Indian National Space Promotion and Authorisation Center (IN-SPACe), highlighting that the country has already taken steps to ensure tariff fluctuations do not disrupt the space sector.
“When it comes to space, a lot of the tariffs on space was removed in the budget," Goenka said, referring to the reduction in custom duties on ground installations and satellite launches, along with goods used in the manufacturing of launch vehicles (rockets) to zero.
“India is not imposing large tariffs in space. So, if it is reciprocal one-to-one, then the space industry does not have to worry about it,” he added. The removal of tariffs has given Indian space companies an advantage when it comes to sourcing components from overseas.
While some procedural matters pertaining to import of space components still need fine-tuning, the industry is unlikely to face significant hurdles.
“We are just working on how to operationalise it (approving imports),” Goenka said. “Because there is a statement that somebody in the government has to approve. The end use. So, who will that approving authority be, that we are just trying to, trying to streamline," he said.
These developments come at a time when the new Trump administration's renewed focus on tariffs is reshaping global commerce. The protectionist stance, while targeting a broad range of industries, impacts sectors reliant on international collaboration and advanced technology.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
