The Tamil Nadu government released the draft Tamil Nadu Space Industrial Policy 2024, which aims to create direct and indirect employment prospects for nearly 10,000 persons in 10 years and also promised a slew of incentives to the players in the sector.
The policy would be applicable for all enterprises engaged in the manufacturing and services pertaining to the space sector, the draft policy uploaded on the Tamil Nadu Industrial Development Corporation Ltd’s (TIDCO) website said.
The State is endowed with the required ecosystem needed to support the space economy – general engineering, electronics, chemicals, human capital backed with a vision towards the space sector. the draft policy said.
Tamil Nadu Space Industrial Policy 2024 envisages providing the required interventions for ensuring that a conducive ecosystem is created in Tamil Nadu for supporting the growth of the industrial players in the space sector , it said.
The policy said the State would focus on certain sub sectors such as capabilities relating to space launch vehicle manufacturing, satellites and payload manufacturing, manufacture the chemicals which are needed for propellants, down stream application, space telecom segment among others.
Tamil Nadu has been in the forefront of heavy engineering and other required capabilities which are needed for the space industry as well, it said.
The State government has already partnered with private industries to establish a common facility at Tiruchi termed as TREAT which has capabilities to support the heavy engineering needs of the space industry.
The government would establish similar facilities in the vicinity of the upcoming space port at Kulasekarapattinam to enhance the supply chain efficiency of the space industrial ecosystem, the draft policy said.
New/Expansion investments in Space manufacturing in Tamil Nadu made from April 1, 2024 will be considered eligible for availing incentives which would be available for investments from ₹20 crore-₹300 crore, as per the draft policy.
It provides a fixed capital subsidy or turnover based subsidy. Land cost incentive, stamp duty incentive, electricity tax exemption, training subsidy, besides Special Structured Package of Incentives for space sector projects above ₹300 crore as per the Tamil Nadu Industrial Policy 2021.