New Delhi April 7:The Indian government’s Union Cabinet has given approval for the Indian Space Policy 2023, which aims to enhance the role of the Department of Space, boost activities of ISRO missions, and promote wider participation from research, academia, startups, and industry. The move follows the government’s decision to open up the space sector to the private sector to help develop this segment. Union Minister Jitendra Singh welcomed the move, saying that it will offer clarity in the role of the components set up recently.
Singh also informed the Rajya Sabha that currently, foreign direct investment (FDI) in the space sector is allowed up to 100% in the area of Satellites-Establishment and Operations through the government route only. The Indian National Space Promotion and Authorization Centre (IN-SPACe) is the regulatory and promotional body for space activities and is involved in revising the FDI policy, which is currently under consideration by the government. Once approved, the specific role of IN-SPACe for channelizing FDI will evolve accordingly.
