Space dept evaluating startup proposal regarding model rocketry: Comm Min

The Department of Space has received a proposal from a startup regarding model rocketry and they are evaluating the application for further action, Parliament was informed Monday.

"Yes, Department of Space/ISRO (Indian Space Research Organisation) has received one proposal from a start-up company regarding model rocketry and they are evaluating the same," Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha.

He also said that the there is no proposal under consideration in the department of industrial policy and promotion for the amendment of rules and regulations pertaining to use of explosives to encourage model rocketry in the country.

In January 2016, the government unveiled incentives to boost startup businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the startup action plan.

Replying to a separate question on steel sector, the minister said certain industry associations have expressed concerns on imports of steel under free trade agreement from Japan, Korea and 10-nation ASEAN bloc.

"However, steel imports from these countries include high grade steel, which are not manufactured domestically," he added.

He said that the volume of trade with these countries has increased since the signing of the bilateral trade agreements.

"Notwithstanding a slight increase in trade deficit, the domestic industry has benefited from the trade agreements due to cheaper import of raw materials and intermediates from these countries for stimulating value added domestic manufacturing," the minister added.

He said that these trade agreements have adequate trade remedial provisions for dealing with certain surges in imports that might threaten domestic industry.

In a free trade agreement, two countries eliminate customs duties on maximum number of goods traded between them.