IN-SPACe chairman Pawan Goenka said that the policy has been framed and agreed by all
According to him, the policy is a well balanced one to create growth opportunity for Indian startups in the spacetech sector
ISRO would move increasingly towards research and development to enable tech transfer to the private enterprises
The newly incepted Indian National Space Promotion and Authorisation Centre (IN-SPACe) is almost on the verge of finalising new foreign direct investment (FDI) policies to enable flow of foreign investments for the spacetech sector in India.
Addressing the international conference, Spacecraft Mission Operations (SMOPS-2023) by ISRO, IN-SPACe chairman Pawan Goenka said that the policy has been framed and agreed by all. According to him, the policy is balanced and directed towards creation of growth opportunities for Indian startups in the spacetech sector.
The policy also aims at allowing foreign businesses to come to the country and drive growth both in terms of technology and bringing investment for the sector.
Indian Express has quoted Goenka saying, “The FDI constraint is one of the issues in the space sector because many of the startups are not able to get investments for their growth, and the foreign companies who want to grow their business in the space sector in India are not able to do so due to the FDI policy.”
Goenka cited the space sector as a sunrise sector for India even though it has been existing for over 60 years. He said that ISRO would move increasingly towards research and development to enable tech transfer to the private enterprises.
According to Goenka, the tech transfer may be a significant move for the Indian startups in the space industry. He added, “The private sector is building the PSLV and the SSLV EOI (Small Satellite Launch Vehicle – Expression of Interest) is about to come. We are looking at major things that will move from ISRO to the private sector in a collaborative manner.”
The new space policy of India, lays down the roles of the Indian Space Research Organisation (ISRO), Indian National Space Promotion and Authorisation Centre (IN-SPACe) and NewSpace India Limited (NSIL). According to it, IN-SPACe will act as the nodal body for promoting and authorising space activities in the country, and NSIL will be responsible for commercialising space technologies and platforms.
As per data revealed by the government, INR 175 Cr was generated towards the export of launch services, data sales, and in-orbit support services and post-launch operations in 2021-22.
The Indian spacetech sector has garnered attention from not only the domestic enterprises but also the global tech giants including Microsoft. The company has partnered with ISRO to fuel the growth of spacetech startups in India.
Owing to this, the Indian spacetech startup founders in India will now have free access to various tech tools and resources for their business operations through Microsoft for Startups Founders Hub, Microsoft said in a statement.
Earlier this month, spacetech startup Pixxel raised $36 Mn in its Series B round, to build a high-resolution hyperspectral satellite constellation which will deliver actionable climate insights on a planetary scale.
In February this year, another spacetech startup SatSure closed its Pre-Series A round of $5 Mn to expand footprint in Southeast Asia and accelerate its product development.