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Tuesday, May 28, 2024

ISpA welcomes GST exemption on pvt satellite launch services

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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.

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