Chennai: Indian Space Association (ISpA) on Wednesday welcomed Union Finance Minister Nirmala Sitharaman’s decision to exempt GST on satellite launch services by private organizations.
In a statement here, ISpA Director General Lt.Gen. AK Bhatt said this step will give a financial relief to the players and will incentivise growth of this nascent sector.
“This was one of our pre-budget recommendations and we believe it will help enable the growth of indigenous launch capabilities and ensure a level playing field for all”, he said.
The satellite launch segment has become a key focus area for Indian startups and SMEs, driving innovation and seeking new revenue opportunities, he said.
According to the ISpA-EY report, the space launch segment is expected to grow rapidly by 2025, with a CAGR of 13%, which will be fueled by increased private participation, advanced technology adoption and cost-effective launch services, he added.
