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IT/BT Minister Priyank Kharge, ISRO Chairman Dr S Somanath, DRDO director general BK Das, US administration’s Dy National Security Advisor Anne Neuberger and Infosys cofounder S ‘Kris’ Gopalakrishnan released the report.
The government plans to use incentives and campaigns to attract investments into the sector. The government also has the distinction of being one of the earliest investors into some of India’s emerging space technology startups, the policy note said.
The policy aims to make the southern state account for half of national output in the space tech sector and 5% of the global market share.
India’s space sector, along with ISRO, IN-SPACe, NewSpace India and other private and public sector entities would be worth $ 44 billion in the next decade. Apart from the engineering economy, the sector will also create high-skill, deep-tech jobs, the policy said.
Also Read: Karnataka to create deep-tech innovation cluster in Bengaluru: IT-BT minister Kharge
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Bengaluru has already become the hub for new space companies with the highest percentage of space tech startups. They have attracted $ 150 million plus funding till date.In line with the space tech policy, the government would support about 500 startups and MSMEs through grants, equity support, and other subsidies under specific heads such as IP registration, testing, standards and quality certification, marketing etc. The government aims to see at least 50 plus satellites, with substantial indigenisation, are launched by the state’s space sector firms.
The policy has mooted a space manufacturing cluster through public private partnerships.
Also Read: Bengaluru Tech Summit: Karnataka launches GCC policy, to create 6k jobs
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