Budget 2024: Indian space association proposes PLI, GST reforms to propel country as global leader

In a bid to solidify India's position as a global space leader, the Indian Space Association (ISpA), representing the interests of private space companies in the country, has presented a set of crucial recommendations for the upcoming Union Budget 2024-25. The focus of these proposals is to bolster the financial strength of the burgeoning space industry in India, according to a release on Wednesday, January 24.

Over the past year, the Indian Space Research Organisation (ISRO) has achieved remarkable milestones, instilling a sense of national pride. Initiatives such as technology transfer to the private sector, international collaboration agreements such as the Artemis Accords, iCET, and INDUS-X, alongside increased private investments, have played pivotal roles in shaping India's space landscape. The 10-year vision outlined by IN-SPACe aims to cultivate a robust $44 billion space economy by 2033.

The transformative phase marked by the Indian Space Policy 2023 opened doors for Non-Government Entities (NGEs) to actively participate in core space activities. While IN-SPACe's 10-year strategy anticipates substantial growth, the nascent nature of the private sector demands strategic government support.