The Asian Development Bank (ADB) is poised to extend its funding to India’s burgeoning space sector, announced Vice President Bhargav Dasgupta on Friday. Alongside its focus on climate finance to mitigate risks, the ADB is keen on exploring opportunities in India’s space industry, aligning with its Sustainable Development Goals (SDGs).
Dasgupta highlighted ADB’s existing projects in satellite ventures across the Asia Pacific region but admitted to not providing assistance to India’s space sector until now. “We have not done much till now. We are always open to look at new areas…we understand it has been opened up and there is a lot of interest on the startup side…if we find alignment with our objectives in terms of Sustainable Development Goals (SDGs), we will look at it,” he stated.
Recent amendments to India’s foreign direct investment policy in the space sector aim to attract offshore investors in satellite manufacturing and launch vehicle segments. Speaking about ongoing initiatives in India, Dasgupta expressed enthusiasm, citing recently launched rooftop solar projects, large-scale solar installations, pump hydro projects, and battery storage. He mentioned ongoing discussions with sponsors in these segments, indicating ADB’s willingness to provide financial support.
Additionally, Dasgupta noted significant interest in the corporate sector towards energy transmission and the conversion of older coal-fired power projects into green energy units.
Dasgupta, the former MD and CEO of ICICI Lombard, assumed the role of Vice President of ADB in September last year. In his current capacity, he oversees the management of ADB’s Private Sector Operations Department and the Office of Markets Development and Public-Private Partnerships.
Established in 1966, ADB boasts ownership by 68 members, with 49 from the region. The bank is dedicated to achieving prosperity, inclusivity, resilience, and sustainability in Asia and the Pacific, with ongoing efforts to eradicate extreme poverty.
India, as a founding member of ADB, has emerged as its fourth-largest shareholder and top borrower since 2010, signifying its significant partnership with the bank in driving development initiatives.
Conclusion: As India’s space sector opens up to international investment, the Asian Development Bank stands ready to contribute, emphasizing alignment with sustainable development goals. This move underscores ADB’s commitment to fostering innovation and progress in the region, alongside its established efforts in climate finance and renewable energy.
