India’s FDI Policy for space sector: Lot of interest from foreign companies to invest, says ISRO Chairman
As per ISRO Chief, more than 40 space industries and startups are in consultation with ISRO for support related to various domains of space activity such as launch vehicles, development of satellites, and development of applications.
The top government official informed on September 13, 2201, that India’s Foreign Direct Investment (FDI) policy in the space sector is getting revised which will open up huge opportunities for foreign companies to invest in the country.
K Sivan, the Secretary in the Department of Space (DoS) and Chairman of the Indian Space Research Organisation (ISRO) said that there is an enormous scope for the foreign companies to tie up with their Indian counterparts in the space sector.
India’s share in global space economy
Pawan Goenka, Chairman-designate of the Indian National Space Promotion and Authorization Center (IN-SPACe) informed that India’s share in the global space economy of USD 440 billion is less than 2 percent even though the country is a leading space nation.
He further added that there is a lot of untapped opportunities for Indian companies to supply outside the country.
While talking about the accomplishments of the ISRO, Goenka pointed that he was very impressed with what the Indian space scientists have achieved in advancing technology with a modest budget.
Foreign Direct Investment in Indian space sector
K Sivan informed that the Indian space sector has been seen a lot of interest from foreign companies. The tie-up will ensure the sustained engagement between Indian and overseas companies which will be greatly beneficial for both.
More than 40 space industries and startups are in consultation with ISRO for support related to various domains of space activity such as launch vehicles, development of satellites, and development of applications.
ISRO Chairman said that the organization has been looking into each of the (more than 40) industry proposals and that the applications are being processed for further action.
Private companies invited to Indian Space sector
Earlier, in October 2020, the Department of Space after allowing the private companies to enter the Indian space sector had also proposed a policy to enable the private Indian companies to develop new systems as well as sell services to foreign companies.
As per the proposed Spacecom Policy, the private firms will be allowed to set up the control centers outside India as well as use the overseas space assets.
The focus will be to encourage the private sector as well as renewing the focus on enhancing the capabilities of national security.
IN-SPACe: Guiding private companies in space sector
IN-SPACe, under the Department of Space, is the national level autonomous nodal agency which is for the handholding, promotion, sharing of ISRO’s expertise, technology, and facilities and also for authorizing and monitoring the space activities by the private sector in India.
IN-SPACe was formed in June 2020, to guide the private industries in space activities. The move by the Central Government aimed at enhancing the private sector participation in the entire range of space activities.
Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app
एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐपAndroidIOS