Lt. Gen. AK Bhatt, Director General, Indian Space Association(ISpA) speaking at the ASI National Conference: Development of Space Startup Ecosystem in India (DeSSEI).
“The 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. I am confident 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.
The government’s historic decision to open up the space domain to the private sector and establishment of IN-SPACe was a real game-changer. Our Hon’ble PM’s desire to form an apex space association for articulating and putting forward the aspiration and desires of the space community will help the industry grow multi-folds as the much-awaited policy is announced. Furthermore, 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.”