Countdown Begins For Spacetech Startups

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The Indian government has unveiled the Indian Space Policy, 2023, which aims to boost the country’s spacetech industry and support the growth of startups in the sector. The policy outlines plans to create a conducive environment for technology development and encourage commercial presence in the space industry. Private enterprises will be allowed to undertake a range of activities, including offering space-based communications systems and operating ground facilities for space objects operations. Startups such as AgniKul, Skyroot Aerospace, and Dhruva Space are expected to benefit from the policy, as well as global players like Starlink, OneWeb, and Jio Space Tech. The policy also employs a five-pronged strategy to spur the spacetech domain, which includes encouraging R&D, promoting education, and nurturing private sector participation in the entire value chain of the space economy. However, there is no clarity on foreign direct investment (FDI) in the new policy.

There is no clarity on the aspect of foreign direct investment (FDI) in the new space policy. FDI is an important factor in attracting big-ticket foreign investments to the Indian space sector. However, senior industry executives are hopeful that the Department for Promotion of Industry & Internal Trade (DPIIT) could soon issue FDI norms for the space and satellite services. The DPIIT is the agency responsible for formulating and implementing policies related to foreign investment in India.