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Space industry seeking government support to expand into global markets

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In Short:

In an interview with Mint, the chairman of In-Space mentioned that they have submitted demands to the finance ministry, which might include strategic incentives for the space industry. Industry veterans hope for incentives like PLI, lower taxes, and easier loans to boost the sector. The Budget could focus on building India’s global market services. Some urge a nationalistic approach, while others emphasize targeting global clients.

Boosting the Space Industry in India

In a recent interview with Mint, **Pawan Kumar Goenka**, the chairman of **In-Space** revealed that the organization has submitted its demand to the finance ministry, following the norm with government agencies.

Industry Expectations

While the specific demands were not disclosed, industry insiders suggest that the upcoming Union Budget may include strategic incentives to boost the domestic space sector. This could involve funding for new ventures, incentives for key components, and financial support for space startups.

Private Sector Growth

Industry veterans believe that building scale for the private space sector is crucial. **Anil Kumar Bhatt**, director-general of **ISpA**, highlighted the need for incentives like PLI, tax holidays, and financial aid to support space ventures.

Startup Impact

**Pawan Kumar Chandana**, CEO of **Skyroot Aerospace**, emphasized the importance of increased budget allocation for In-Space, which could greatly benefit numerous startups in the industry.

Government Support

Known members of In-Space include companies like **Larsen & Toubro**, **Bharti Airtel**, **Bharat Forge**, **Godrej & Boyce**, and **Hindustan Aeronautics Ltd**.

Future Development

Industry experts like **Chaitanya Giri** and **S. Somanath** discussed the need for global compliance, early-stage venture funding, and government contracts to fuel growth in the sector.

Budget Expectations

The upcoming Budget is expected to address demands from the private sector for enhancing India’s services to cater to global markets. Strategic allocations are crucial to elevate the country’s stature in the global space industry.

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