FDI Policy To Benefit Space Sector: Union Minister Jitendra Singh

Union Minister Jitendra Singh notified a revised foreign direct investment policy in the space sector to benefit overseas investment in non-governmental entities (NGEs) and a national space policy in process for final approval by the government on Wednesday.

While addressing the Lok Sabha on space startups, the minister stated the new seed fund scheme approved by IN-SPACe Board to provide initial financial assistance to Indian space start-ups.

He added to the lower house that IN-SPACe has received 135 applications from 135 non-governmental entities (NGEs) in the space sector to date.

He said the country’s in-detail total imports and exports carried out in the space tech-based industry in the financial year 2021-22 were approximately worth Rs 2,114 crore, executing various projects and programs.

The major imported items include EEE components, high-strength carbon fibres, detectors, optics, space-qualified solar cells, power amplifiers, etc, Singh added.

He further stressed that in the financial year 2021-22, an amount of Rs 174.90 crore was generated from the export of launch services, data sales, in-orbit support services, and post-launch operations.

Meanwhile, according to reports, IN-SPACe has already started authorizing Indian space companies to the utilisation of ISRO facilities for private companies and start-ups, installation of facilities within ISRO campuses, the launch of Satellites and vehicles launch and mentorship support.

And with the announcement of Space Sector reforms, private players have started contributing to the space economy thus increasing their share.