Bengaluru, Aug 12 (IANS): With the space-tech sector estimated to touch $50 billion by 2030, experts are urging the government to create a favourable ecosystem for startups and MSMEs.
India's current market share of around 3 per cent can shoot up to 10 per cent if the right policies are put in place, said the participants at a recently held 'Space Conference' here.
Speaking at the two-day conference, N. Sudheer Kumar, Director, CBPO, ISRO, said, "Space has abundant data; and new deep tech startups are getting formed. They need both funding and infrastructural support. Government incentives for both the startups and MSMEs are pre-requisite elements for the ecosystem to get that first push. This would also allow for indigenisation of the manufacturing sector and formation of manufacturing hubs in the country."
The government of India's recent move to open up the space-tech sector to include private players, with as many as seven policy documents in the last one year, has given a much-needed impetus to startups and MSMEs to venture into the business of quantum tech, geospatial data, and many technological advancements in the space sector.
ISRO has also opened its doors for the startups to make use of the innovation facilities across the country.
The two-day conference was organised by SIA-India, a non-profit association created to represent the interests of the communication satellite ecosystem in India.
Over 40 speakers from 12 countries discussed the need for conducive policy initiatives to give a much-required impetus to the sector. The conference was attended by more than 600 delegates over two days.
Anil Prakash, Director General, SIA-India, said, "Innovation is critical to any industry and the space segment is no exception. SIA-India is engaging with startups to create an atmosphere conducive to business opportunities and providing them a platform to voice their concerns, to enhance their scope in productivity and reach out for both local and global markets through SIA-India's outreach programmes and initiatives. Their motto should be 'be local think global'."