Pawan Goenka hails game-changing FDI policy for Indian space industry
The government's approval of 100% FDI in the space sector marks a significant milestone in India's pursuit of becoming a major player in the global space industry. With this progressive move, India is poised to witness a transformative phase in its space exploration journey, fostering innovation, collaboration, and economic growth.
In a significant move to propel India's space sector, the government has given the green light to 100% Foreign Direct Investment (FDI) in certain activities, including the manufacturing of space components and satellite systems.
This strategic decision aligns with the Indian Space Policy 2023, aiming to foster private sector involvement, streamline business operations, and contribute to employment and income generation.
Pawan Goenka, the Chairman of IN-SPACe, expressed enthusiasm about the swift implementation of the FDI policy. He sees this policy as a catalyst, opening doors for substantial investments and propelling the nation's space activities forward.
Acknowledging the delicate balance required, Goenka emphasised the need to safeguard Indian entrepreneurs from being overshadowed by foreign companies while encouraging foreign investments.
“This FDI is really a big enabler for what we are trying to do in the space sector. However, we have to balance between our Indian entrepreneurs not getting sort of overtaken by foreign companies. At the same time we need to bring in investment from foreign land and that is the reason you see three different limits that we have put in the automatic route,” Goenka stated in an interview with CNBC-TV18.
Pawan Goenka shed light on the global interest in India's space sector, with major international players like SpaceX, SAS, and OneWeb expressing keen interest in the opportunities presented by the liberalized space policy.
According to Goenka, the decision to open up the Indian space sector in 2019 has positioned India as a serious contender on the global space stage. The move has attracted attention from leading space companies worldwide, highlighting the country's potential as a hub for space-related activities.
Watch the accompanying video for the entire discussion.
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