Union Budget 2023 Space Sector Expectation PLI Scheme To Tax Incentive From Budget 2023

Union Budget 2023: Finance Minister Nirmala Sitharaman will present the country’s Union Budget 2023-24 on February 1. This budget will be the fifth budget of the second term of the Modi government. In such a situation, all the sectors have special expectations from this budget. In this sequence, India’s space industry has demanded tax incentives and plans to boost production. This demand has also been made so that local construction, research and development can be encouraged.

In the budget 2023-24, we want to request space-based production linked incentive (PLI) scheme for space technology startups, to promote local manufacturing, said Awais Ahmed, CEO of Bengaluru-based startup ‘Pixel’ of Space Industries and to encourage capacity building within the country.

Pixel has launched these satellites

Pixel last year launched a commercial satellite ‘Shakuntala’ through SpaceX’s Falcon-9 rocket and became the first Indian company to do so. After this, he launched another similar satellite ‘Anand’ through the PSLV rocket of the Indian Space Research Organization (ISRO). Now he plans to make a group of earth satellites soon.

Rs 100 crore demanded for VGF

Kranti Chand, head of strategy and special projects at DhruvaSpace, said that the Union Budget 2023-24 has requested to release Rs 100 crore as Viability Gap Funding (VGF) to set up new infrastructure. Hyderabad-based startup ‘Dhruvaspace’ also launched two satellites using PSLV rocket in November and plans to set up one satellite.

1 thousand crore allocation expected under DSA

Kranti Chand is expected to allocate Rs 1,000 crore for the Defense Space Agency (DSA) to procure new technology from the government industry. He informed that the Ministry of Defense has given Approval of Requirement (AoN) for many satellite and space technology projects.

Benefits from the introduction of PLI scheme

ISPA said that a PLI scheme for the space sector would boost research and development in the country and provide incentives to entities involved in the sector. ISPA also wants the government to provide financial assistance to space sector companies and organizations through loans, grants and tax incentives. According to a report released by ISPA last year, India’s space economy was $9.6 billion in 2020 and is expected to reach $12.8 billion by 2025.

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