HomeIndian Space Sciencedeloitte: Tax exemptions to firms engaged in space sector to help boost...

deloitte: Tax exemptions to firms engaged in space sector to help boost growth: Deloitte India-CII report



msid 103669869,imgsize 28730

Government measures such as tax exemptions and holidays for companies directly or indirectly engaged in space sector activities will help in further promoting the growth of the sector, a report said on Thursday. The Deloitte India-CII report also suggested to undertake a detailed study on the tax reforms for supporting the industry growth as well as making the end products fiercely competitive in the global market.

“While the Indian government has started to provide tax impetus to the space sector, it needs to take more initiatives for tax exemptions/tax holidays/accelerated depreciation for companies directly or indirectly engaged in space sector activities, so that the benefits are available to the entire value chain and there is no embedded tax cost,” it said.

It added that an in-depth study on global initiatives and their impact on the sector and, benchmarking with India should be undertaken to further develop and outline additional initiatives and to refresh the Indian Space Policy 2023 periodically.

“Given the importance of a standardised and comprehensive approach, a dedicated study aimed at defining the Indian space economy using consistent methodology should be undertaken. An in-depth study on India’s capabilities across the value chain of the space sector should (also) be done,” the report said.

Different sources ascribe different market sizes of the Indian space economy, leading to disparities in reported figures.

It added that the market size estimations for both the global and Indian space economies play a crucial role in influencing decisions related to space policies, budget allocations, and investment strategies for governments, companies, and private investors. Further, it said that Indian space agency ISRO has been actively engaged in collaborations with academic institutions and research labs right from its inception, aimed at fostering the development of space technologies and facilitating ground-level research. There is a need to expand the reach of these collaborations to more remote institutes and research labs, it said, adding the existing collaborations should also expand the scope of research to futuristic technologies.

Such an expansion is essential for retaining valuable talent within the Indian space sector and ensuring its sustained growth, the report added.

Sreeram Ananthasayanam, Partner, Deloitte Touche Tohmatsu India, said that India’s space sector stands on the brink of a transformative journey, with reforms poised to stimulate supply and demand in the space economy.

“The government’s forward-looking policies have paved the way for private entities to actively participate in core space activities. This marks a shift from a government-centric ecosystem to a much more democratised ecosystem where private efforts complement government efforts,” he said.



Source link
#deloitte #Tax #exemptions #firms #engaged #space #sector #boost #growth #Deloitte #IndiaCII #report

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat

All

Defence manufacturer Bharat Electronics secures export order worth Rs 230 crore

State-owned aerospace and defence electronics company Bharat Electronics Limited (BEL) has obtained an export order worth Euro 25.75 million (estimated value of Rs 230...

Amid delays, HAL now aiming to deliver first LCA Mark 1A by August 15; GE engine supplies to start by September

Amid concerns over delays in the delivery of the first LCA Mark 1A fighter jet to the Indian Air Force, Hindustan Aeronautics Limited is...

AMCA 5th Generation Stealth Fighter Updates

AMCA to be integrated with sophisticated indigenous Distributed Aperture System (DAS) that making it a formidable air asset for the Indian Air Force

Source : IgMp Bureau Indiaโ€™s Advanced Medium Combat Aircraft (AMCA) is on the brink of a revolutionary transformation with the integration of a sophisticated Distributed...

AMCA to incorporate the best features of both 5th and 6th Generation fighters: ADA sources

Source : IgMp Bureau India's strides toward indigenous air dominance receive a substantial boost with the green signal for the Advanced Medium Combat Aircraft (AMCA)...

Most Popular

Recent Comments

Archive Months

Miscellanous

Qatar’s Role as Israel-Hamas Mediator Under Threat

Qatar's warning that it was reassessing its role as a mediator between Israel and Hamas has raised concerns about the prospects for a ceasefire...

Shangri La Dialogue: Very strong relations with India; co-producing armored vehicles: US Defence Secretary Lloyd Austin at Shangri La Dialogue

Lauding US-India ties at the Shangri La Dialogue in Singapore on Saturday, the United States Secretary of Defence, Lloyd Austin said that the relationship...
Visits
error: Content is protected !!