Looking at further easing FDI norms in space sector: DPIIT secretary Rajesh Kumar Singh

Government Looks to Ease FDI Norms in Space Sector to Attract Overseas Players

New Delhi: The government is considering further relaxation of foreign direct investment (FDI) regulations in the space sector to attract international players, according to a top official. Rajesh Kumar Singh, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), stated that there is significant potential for Saudi Arabian companies to invest in various sectors in India, including aviation, pharma, bulk drugs, renewable energy, food processing, and agritech.

Scope for Collaboration in Various Sectors

Singh emphasized the tremendous scope for collaboration in sectors such as artificial intelligence, robotics, cybersecurity, automation, and space. The government aims to further liberalize FDI norms to encourage private sector and foreign investment in the space sector. Currently, FDI in the space sector is allowed up to 100% only in the area of satellite establishment and operations through the government route.

Singh also highlighted that several Saudi Arabian companies have already invested in India’s wind and solar energy sectors. He expressed the desire for collaborative efforts between Saudi Arabian military industries and India’s “Make in India” campaign, which could lead to joint collaborations on defense projects of mutual interest.

Investment Opportunities in Bulk Drug Parks and Food Processing Sector

The Secretary sought investments in areas such as bulk drug parks and the food processing sector. With India being home to numerous agrotech startups, there is immense potential for increased collaboration. On the trade front, bilateral trade between India and Saudi Arabia reached USD 52.8 billion in 2022-23. India’s exports stood at USD 10.7 billion in the last fiscal year, compared to USD 8.8 billion in 2021-22. The bilateral trade was USD 43 billion in 2021-22.

Diversifying Beyond Oil Trade

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 stated that India has already proven its expertise in outsourced services and can be a destination for Saudi companies seeking such opportunities. India is recognized as the pharmaceutical capital of the world.

Boosting Trade and Investments

Joint Secretary in the DPIIT, Sanjiv, highlighted the significant opportunities for trade and investments between India and Saudi Arabia. Speaking at the event, Badr AlBadr, Deputy Minister of Investors Outreach, Ministry of Investment, Saudi Arabia, mentioned that a bilateral agreement has been signed between the Ministry of Investment and Invest India to strengthen investment ties between the two countries. This agreement aims to provide a comfort zone for investors and traders to engage in more business activities.

AlBadr also acknowledged the growing opportunities for business between the two nations, despite challenges such as the Covid pandemic, food security issues, and geopolitical uncertainties. He emphasized that investment opportunities in Saudi Arabia are exceptional. A total of 47 MoUs and agreements have been signed between businesses and governments today.

SDGs, Targets, and Indicators

1. Which SDGs are 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 17: Partnerships for the Goals

The article discusses various sectors such as aviation, pharma, renewable energy, food processing, and agri-tech. These sectors are connected to SDG 9, which focuses on industry, innovation, and infrastructure. The mention of renewable energy also connects to SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. Additionally, the article mentions the potential for collaboration in the food processing sector, which relates to SDG 2, which aims to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. Lastly, the article highlights the bilateral agreement between India and Saudi Arabia, which falls under SDG 17, which emphasizes partnerships for the goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
• Target 7.2: Increase the share of renewable energy in the global energy mix
• Target 2.3: Double the agricultural productivity and incomes of small-scale food producers
• Target 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation

Based on the article’s content, the specific targets that can be identified are Target 9.1 under SDG 9, Target 7.2 under SDG 7, Target 2.3 under SDG 2, and Target 17.6 under SDG 17.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No, the article does not mention or imply any specific indicators that can be used to measure progress towards the identified targets.

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Source: m.economictimes.com

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