The dream of going 'beyond the moon' will be fulfilled in the budget, will Nirmala Sitharaman fulfill this demand? - Newztezz Online

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Thursday, January 25, 2024

The dream of going 'beyond the moon' will be fulfilled in the budget, will Nirmala Sitharaman fulfill this demand?


In the year 2023, India will show its dominance in space economy. Whether it is to make a soft landing on the south pole of the Moon or to send the first solar mission Aditya L-1. India's space industry has hoisted its flag. In such a situation, will Nirmala Sitharaman fulfill India's dream of going 'beyond the moon' in the budget this year?

India's space economy took a new turn in the year 2023. India became the first country in the world to make a soft landing on the south pole of the Moon. Along with this, India also sent its first solar mission 'Aditya L-1'. In such a situation, will India's space industry raise new flags of success this year also? Will Finance Minister Nirmala Sitharaman give any new gift to give a boom to this sector or will ISRO get any gift for its first human space mission 'Gaganyaan'?

So that India can go beyond the moon i.e. complete many more space missions, the country's space industry wants many facilities from Nirmala Sitharaman in the budget. Tax benefits are also included in this.

Satellite companies get exemption in GST

Indian Space Association (ISPA), representing the space industry, says that the Finance Minister should exempt satellite companies from GST in the interim budget. The scope of GST exemption should be extended to companies manufacturing satellites, launch vehicles and ground equipment. Not only this, the government should also give GST exemption on the purchase of many input materials to the companies working in the space sector, so that the space industry can be promoted in the country.

Space sector gets tax holiday

Not only this, participation of private companies in the country's space sector should increase. For this, their demand is that the government should also give tax holiday for some time to the companies working in this segment. This will increase private investment in the sector. There should be relief in custom duty for import of some essential goods.

According to a news from ET, the industry wants policy clarification regarding Foreign Direct Investment (FDI) in this sector. Besides, it also demands the government to start PLI scheme for components related to space sector. Now it remains to be seen what comes out of Nirmala Sitharaman's box this time.

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