India plans space sector boost in global market | Daily News

India plans space sector boost in global market

India will soon allow overseas companies to invest in the space sector with a revised foreign direct investment (FDI) policy, taking the next step in opening up the sector to not only private players within the country but also abroad, the chairperson of the Indian Space Research Organisation (Isro) on Monday said.

At the same time, India will set targets to increase its share in the global space economy from less than 2% at the moment to 10%, said Dr Pawan Goenka, the newly appointed chairperson designate of the Indian National Space Promotion and Authorisation Centre (INSPACe), the body responsible for promoting and regulating space activity in the country.

“The space foreign direct investment policy is getting revised and it will open huge opportunities for space companies to invest in India. It will ensure sustained engagement between Indian and overseas companies that will greatly benefit both. With this policy, space sector will not only be open in India but also to foreign investments.

ISRO on the other hand will concentrate on research and development as well as space science missions. It will work on overcoming challenges and reducing the technological gaps in a timely and more responsive manner,” Dr Sivan said at a conference.

Last year, the Union government opened up the space sector to private players, announced by Union minister Prakash Javadekar in June 2020, leading to a growth in the space start-ups. Several start-ups were working on space projects but were collaborating with other countries due to a lack of framework in India. An interim INSPACe, headed by Isro’s scientific secretary Dr Uma Maheshwaran, is in the process of looking at nearly 40 applications by the industry for various space missions and space-based applications.

The regulatory mechanisms for INSPACe – by which it will be able to take action against erring space players – is also currently under review. “INSPACe will also have a regulatory mechanism… It is already going through departmental reviews and inter-ministerial consultations before being tabled in the parliament,” said Dr Umamaheshwaran in the conference. The government has a draft space activities bill, 2017 which provides a regulatory framework, but has not been tabled yet. (www.hindustantimes.com)


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