Pawan Kumar Goenka, chairman of Indian Space Promotion and Authorisatiion Centre (IN-SPACe), has said that the government is working with the states on incentives to promote manufacturing of space subsystems in the country. This is as per a report by Moneycontrol.
Addressing an event on the first National Space Day in New Delhi, Goenka reportedly said, “we are working on fiscal and non-fiscal incentives, along with state governments, to promote manufacturing of space subsystems in India.”
“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,” the IN-SPACe chairman added.
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The event was conducted to celebrate the first anniversary of Chandrayaan-3 landing on Moon’s South Pole on the same day a year ago.
Goenka reportedly said that the space start-ups in the country have increased to more than 200, which is a fivefold increase in the last five years. He also said that the investments in the space sector have also multiplied 20 times in this period, crossing the 100 million mark two years in a row.
Inc42 data reveals that Indian space startups have raised over $285 million in funding between 2014 and 2023 as venture capitalists began taking risky bets and providing long-term patient capital. The space tech sector is looking to see an opportunity worth $77 billion by 2030.
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In this year’s budget, Nirmala Sitharaman announced that the government will set up a Rs 1000 crore venture capital fund. Sithraman in her budget speech emphasised government’s focus on the space economy and private sector-driven research.
IN-SPACe had recently invited proposals from Indian startups and private companies to build and manage a space-based earth observation system, a few weeks ago. It will be undertaken as a public-prviate partnership (PPP) model and would invoice designing, building and launching satellites equipped with advanced imaging technologies.
