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100% FDI in space sector a game changer: IN-SPACe chairman Pawan Goenka | India Business News
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BENGALURU: A day after the union cabinet, in line with the Centre’s reforms to open up the space sector, allowed 100% foreign direct investment (FDI) under the automatic route, space regulator and promoter Indian National Space Promotion and Authorisation Centre (IN-SPACe) chairman Pawan Goenka termed it a “game-changing decision that will propel India to new heights in the space sector”.
Lauding PM Narendra Modi’s vision Goenka said the move will boost participation of non-government entities in space research and manufacturing. “By opening doors for massive investment and global collaboration, this move will transform India’s space capabilities,” he said.
Elaborating on the impact, Goenka said that this reform comes at an opportune time when the space sector is witnessing massive growth in investments globally.
“As per industry reports, over $37 billion has been invested in the space sector in the last three years alone as investors are convinced of its long-term potential. A significant portion of this capital is flowing into space startups working on innovative technologies. By allowing 100% FDI, Indian space startups can now access this global pool of capital for expanding manufacturing and scaling up operations,” Goenka pointed out.
Quoting estimates that project the value of the space economy at more than $1 trillion by 2040, Goenka said with its talent pool and infrastructure, India was well-placed to grab a significant pie of this booming space economy.
“This reform will empower private companies to develop cutting-edge space products and expand India’s global footprint,” Goenka said.
The reforms in FDI, he said, was much more than just attracting investments. “It is about transforming India’s space capabilities through collaboration and innovation in the private sector,” he said, while expressing confidence that this reform will unleash the potential of Indian startups and help establish India as a leader in the global space arena.
Lauding PM Narendra Modi’s vision Goenka said the move will boost participation of non-government entities in space research and manufacturing. “By opening doors for massive investment and global collaboration, this move will transform India’s space capabilities,” he said.
Elaborating on the impact, Goenka said that this reform comes at an opportune time when the space sector is witnessing massive growth in investments globally.
“As per industry reports, over $37 billion has been invested in the space sector in the last three years alone as investors are convinced of its long-term potential. A significant portion of this capital is flowing into space startups working on innovative technologies. By allowing 100% FDI, Indian space startups can now access this global pool of capital for expanding manufacturing and scaling up operations,” Goenka pointed out.
Quoting estimates that project the value of the space economy at more than $1 trillion by 2040, Goenka said with its talent pool and infrastructure, India was well-placed to grab a significant pie of this booming space economy.
“This reform will empower private companies to develop cutting-edge space products and expand India’s global footprint,” Goenka said.
The reforms in FDI, he said, was much more than just attracting investments. “It is about transforming India’s space capabilities through collaboration and innovation in the private sector,” he said, while expressing confidence that this reform will unleash the potential of Indian startups and help establish India as a leader in the global space arena.
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