The Asian Development Bank, represented by Vice President Bhargav Dasgupta, expressed its openness to financing India's space sector in addition to concentrating on climate finance to help manage risks. While the ADB has already undertaken satellite projects in the Asia Pacific region, it has not extended support to the Indian space sector thus far. However, Dasgupta mentioned that the bank is receptive to venturing into new sectors and recognizes the increasing interest in India's space startups and related opportunities.
Discussing recent amendments to the foreign direct investment policy in India's space sector, Dasgupta highlighted the government's efforts to attract overseas investors in satellite manufacturing and launch vehicle segments. Furthermore, he commended the ongoing initiatives in India such as rooftop solar projects, large-scale solar ventures, pump hydro projects, and battery storage programs, indicating the bank's interest in possibly financing some of these endeavors. Dasgupta also acknowledged the corporate sector's enthusiasm for energy transmission projects and the transformation of coal-powered plants into eco-friendly energy units, indicating potential areas of support from the ADB.
Bhargav Dasgupta, who assumed the role of ADB Vice President in September last year, oversees the management of the bank's Private Sector Operations Department and its Office of Markets Development and Public Private Partnerships. With a mission established in 1966 to advance a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, the ADB, owned by 68 members with 49 from the region, aims to continue its efforts in eradicating extreme poverty. India, a founding member of ADB and its top borrower since 2010, is now the bank's fourth largest shareholder, showcasing a strong partnership between the institution and the country.