New Delhi [India], June 24 (ANI): A new institution - Indian National Space, Promotion and Authorisation Centre - has been formed which will guide the private industries in space activities through encouraging policies in a friendly regulatory environment, said Minister of State for Atomic Energy and Space, Jitendra Singh on Wednesday.

Addressing a press conference after Cabinet meeting today, the minister said: "A new institution has been formed. It will be known as Indian National Space, Promotion and Authorisation Centre. It will guide the private industries in space activities through encouraging policies in a friendly regulatory environment."

Also Read | Krepling's Remote Work Model as COVID-19 Gains Continue.

"Indian National Space, Promotion & Authorisation Centre is not a new institution but its role has been extended into ISRO. This is a new turn in the arena of space. They will supplement each other's work they will not work at cross purposes," he said.

"ISRO is the basic organisation - what activities or projects or missions will be carried out, it will play a major role in deciding that. But this new facility has been introduced to fill the gap and fulfil demand mode," he added.

Also Read | Bihar CM Nitish Kumar Visits Madhubani to Review Flood Preparedness: Live News Breaking & Coronavirus Updates on June 24, 2020.

Union Cabinet chaired by Prime Minister Narendra Modi today approved far-reaching reforms in the space sector aimed at boosting private sector participation in the entire range of space activities.

According to a release from Prime Minister's Office (PMO), the newly created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure.

It will also hand-hold, promote, and guide the private industries in space activities through encouraging policies and a friendly regulatory environment.

The Public Sector Enterprise 'New Space India Limited (NSIL)' will endeavour to re-orient space activities from a 'supply-driven' model to a 'demand-driven' model, thereby ensuring optimum utilization of our space assets.

"These reforms will allow ISRO to focus more on research and development activities, new technologies, exploration missions and human spaceflight programme. Some of the planetary exploration missions will also be opened up to the private sector through an 'announcement of opportunity' mechanism," the release said.

Prime Minister's Office also said that this will not only result in the accelerated growth of this sector but will enable the Indian Industry to be an important player in the global space economy.

With this, there is an opportunity for large-scale employment in the technology sector and India becoming a global technology powerhouse. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)