The Sunrise Of India’s Space Economy

NEW DELHI: India’s approach to outer space activities has changed drastically since the May 2020 reforms were announced. Remember the days when budgetary allocation to the Indian Space Research Organization (ISRO) was the only thing discussed regarding space activities. The Amritkaal 2022 Budget Speech of Finance Minister Nirmala Sitharaman has finally dislodged the term ‘space programme’ and brought in the more futuristic lexicon while describing space activities. The word used is not space-sector but a futuristically far-reaching ‘space economy’ and the Indian government finally sees it as an avenue of sunrise opportunities. The Narendra Modi administration has been working towards a comprehensive supply-side strategy to a multi-decade economic expansion and reduce the absolute dependence on managing merely demand. To that end, reducing impending tax regimes, simplifying government clearances, sectoral deregulation, privatisation and production-linked incentive schemes have been the tools for implementing the supply-side strategy. Additionally, the government is also engaging in a diligent disinvestment strategy to eliminate vestigial stakes in entities that can be extensively commercialised....Read More