India News | Revised FDI Policy in Space Sector is in Process of Final Approval by Govt: Union Minister Jitendra Singh
Get latest articles and stories on India at LatestLY. While replying to a question in Lok Sabha on space startups, the minister said that a new seed fund scheme has been approved by IN-SPACe Board to provide initial financial assistance to Indian space start-ups.
New Delhi [India], February 9 (ANI): A revised Foreign Direct Investment policy in the space sector to facilitate overseas investment in Non-Governmental Entities (NGEs) and a National Space Policy is in the process of final approval by the government of India, Union Minister of State (Independent Charge) Science and Technology Jitendra Singh said on Wednesday.
While replying to a question in Lok Sabha on space startups, the minister said that a new seed fund scheme has been approved by IN-SPACe Board to provide initial financial assistance to Indian space start-ups.
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He further told the Lower House that IN-SPACe has received 135 applications from 135 non-governmental entities (NGEs) in the space sector to date.
On the question of details of total imports and exports carried out in the space tech-based industry in the country, the minister said that during the financial year 2021-22, items worth Rs 2,114 crore (approx.) were imported for executing various projects and programmes.
"The major imported items include EEE components, high-strength carbon fibres, space-qualified Solar Cells, Detectors, Optics, Power Amplifiers etc," Singh added.
During the financial year 2021-22, an amount of Rs 174.90 crore was generated towards the export of launch services, data sales, in-orbit support services, and post-launch operations, he also said.
"IN-SPACe has started authorising Indian space companies for utilisation of ISRO facilities for the private companies and start-ups, installation of facilities within ISRO campuses, Launch of Satellites and launch vehicles, and Mentorship support. With the announcement of Space Sector reforms, private players have started contributing to the Space economy and their share is increasing," the statement added. (ANI)
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