Union Budget: SIA-India wants PLI scheme for space sector, seeks tax benefits

NEW DELHI: The Centre in its Union Budget for fiscal 2023-24 should introduce a Production Linked Incentive (PLI) scheme for the space sector, provide a tax holiday regime and Goods and Services Tax (GST) incentives for companies working in the sector, and offer clarity on the taxation jurisdiction over space activities, according to the SatCom Industry Association-India (SIA-India).

SIA-India said in a statement on Friday, while citing reports, that the Indian space economy is set to grow to $12.8 billion in 2025 from $9.6 billion in 2020, adding that the country has over 100 space technology (spacetech) startups currently.