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Economic Times
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More testing facilities, regulatory framework crucial for space tech startups: ISpA chief
- Lack of affordable and accessible testing facilities remains a hurdle for space tech startups that could be overcome with the advent of a full regulatory framework, said AK Bhatt, director general, Indian Space Association. High costs and limited facilities have encouraged startups to conduct testing across the country creating an operational burden. Bhatt highlighted that while regulatory advancements have been made in recent years to support space startups, there is room for more initiatives. Ultimately, Bhatt noted that the country needs a space activity bill to define the regulator and cover insurance.
- India has around 200 startups with a focus on space technology, but manufacturing of critical components presents significant challenges. The Union Cabinet approved the IN-SPACe programme, which aims to support such startups with a Rs 1,000 crore venture capital fund. It will have a deployment period of up to five years. Every year, an average of Rs 150 crore to Rs 250 crore is expected to be deployed, depending on the needs of the fund and available investment opportunities.
- Bhatt also stressed the importance of increasing the share of the global space economy from 2% to 10% for India and fostering demand for space applications within various ministries. There is immense potential for the industry to grow as numerous space-focused startups like Skyroot Aerospace have sprung up recently.
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