Looking at further easing FDI norms in space sector: DPIIT secretary
Looking at further easing FDI norms in space sector: DPIIT secretary Zee Business
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The Government’s Plan to Attract Foreign Direct Investment in the Space Sector
The government is looking to ease foreign direct investment (FDI) norms in the space sector to attract overseas players, according to Rajesh Kumar Singh, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT). He highlighted the potential for Saudi Arabian companies to invest in various sectors in India, including aviation, pharma, renewable energy, food processing, and agritech.
Scope for Collaboration and Liberalization of FDI Norms
Singh emphasized the tremendous scope for collaboration in areas such as artificial intelligence, robotics, cybersecurity, automation, and space. The government aims to further liberalize FDI norms in the space sector to encourage private sector and foreign investment. Currently, FDI in the space sector is allowed up to 100% only in the area of satellite establishment and operations through the government route.
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Several Saudi Arabian companies have already invested in India’s wind and solar energy sectors. Singh expressed interest in collaborating with Saudi Arabian military industries and the “Make in India” campaign for joint defense projects. He also sought investments in bulk drug parks and the food processing sector, highlighting India’s potential for collaboration with agro-tech startups.
Bilateral Trade and New Areas of Engagement
The bilateral trade between India and Saudi Arabia reached USD 52.8 billion in 2022-23, with India’s exports amounting to USD 10.7 billion in the last fiscal year. Singh emphasized the need to move beyond oil trade and explore new areas of engagement such as food processing, tourism, renewable energy, health, and entertainment. He also highlighted India’s strength in outsourced services and pharmaceuticals.
Opportunities for Trade and Investments
Sanjiv, Joint Secretary in the DPIIT, emphasized the significant opportunities for trade and investments between India and Saudi Arabia. Badr AlBadr, Deputy Minister of Investors Outreach, Ministry of Investment, Saudi Arabia, mentioned the bilateral agreement signed between the ministry and Invest India to strengthen investment ties. Despite challenges like the Covid pandemic and geopolitical uncertainties, trade is growing between the two nations, and Saudi Arabia offers exceptional investment opportunities.
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SDGs, Targets, and Indicators Analysis
1. SDGs addressed or connected to the issues highlighted in the article:
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 7: Affordable and Clean Energy
- SDG 2: Zero Hunger
- SDG 3: Good Health and Well-being
- SDG 8: Decent Work and Economic Growth
- SDG 17: Partnerships for the Goals
The article discusses various sectors such as aviation, pharma, renewable energy, food processing, and agritech, which are connected to SDG 9 (Industry, Innovation, and Infrastructure). It also mentions the potential for collaboration in the space sector, which is related to SDG 9 as well. The focus on renewable energy and the mention of wind and solar energy sectors align with SDG 7 (Affordable and Clean Energy). The reference to the food processing sector and collaboration in agro-tech startups relates to SDG 2 (Zero Hunger). The discussion on healthcare and the pharmaceutical industry connects to SDG 3 (Good Health and Well-being). The emphasis on investments, trade, and economic growth is relevant to SDG 8 (Decent Work and Economic Growth). Finally, the mention of bilateral agreements and partnerships between India and Saudi Arabia aligns with SDG 17 (Partnerships for the Goals).
2. Specific targets under the identified SDGs:
- SDG 9.2: Promote inclusive and sustainable industrialization
- SDG 7.2: Increase the share of renewable energy in the global energy mix
- SDG 2.3: Double agricultural productivity and incomes of small-scale food producers
- SDG 3.8: Achieve universal health coverage, including access to essential medicines
- SDG 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
- SDG 17.16: Enhance the global partnership for sustainable development
The targets identified are based on the specific sectors and areas mentioned in the article. These targets reflect the goals of promoting sustainable industrialization, increasing renewable energy usage, improving agricultural productivity, ensuring access to essential medicines, fostering economic productivity, and strengthening global partnerships.
3. Indicators mentioned or implied in the article:
- Foreign direct investment (FDI) norms in the space sector
- Percentage of FDI allowed in the area of satellite establishment and operations
- Investments by Saudi Arabian companies in Indian wind and solar energy sectors
- Bilateral trade between India and Saudi Arabia
- Value of India’s exports to Saudi Arabia
- Collaboration between Saudi Arabian military industry and Make in India campaign
- Investments in bulk drug parks and food processing sector
- Number of bilateral agreements and Memoranda of Understanding (MoUs) signed between India and Saudi Arabia
These indicators can be used to measure progress towards the identified targets. They provide quantifiable data related to foreign investments, trade, collaboration, and specific sectors of focus.
SDGs, Targets, and Indicators Table:
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 9: Industry, Innovation, and Infrastructure | Promote inclusive and sustainable industrialization | Foreign direct investment (FDI) norms in the space sector |
| SDG 7: Affordable and Clean Energy | Increase the share of renewable energy in the global energy mix | Investments by Saudi Arabian companies in Indian wind and solar energy sectors |
| SDG 2: Zero Hunger | Double agricultural productivity and incomes of small-scale food producers | Investments in bulk drug parks and food processing sector |
| SDG 3: Good Health and Well-being | Achieve universal health coverage, including access to essential medicines | Value of India’s exports to Saudi Arabia |
| SDG 8: Decent Work and Economic Growth | Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation | Bilateral trade between India and Saudi Arabia |
| SDG 17: Partnerships for the Goals | Enhance the global partnership for sustainable development | Number of bilateral agreements and Memoranda of Understanding (MoUs) signed between India and Saudi Arabia |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: zeebiz.com
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