Union Cabinet approves Indian Space Policy, 2023

07-04-2023 Fri 08:49 | National | IANS

New Delhi: The Union Cabinet on Thursday approved the Indian Space Policy, 2023, which aims to enhance the role of the Department of Space, boost activities of ISRO missions, and give a larger participation of research, academia, startups, and industry.

The government had earlier opened up the space sector for the private sector to help boost development of the segment."In brief, it will offer clarity in the role of the components set up (in the recent past)," said Union Minister Jitendra Singh on Thursday.

Earlier, the Minister in a written reply in Rajya Sabha on Thursday informed that presently FDI in space sector is allowed up to 100 per cent in the area of Satellites-Establishment and Operations through the government route only.

In a statement laid on the table of the Rajya Sabha, Jitendra Singh said that the Indian National Space Promotion and Authorization Centre (IN-SPACe) being the regulatory and promotional body for space activities was involved in revision of FDI policy which is presently under consideration of the government.

The specific role of IN-SPACe for channelising FDI will evolve after approval of revised FDI policy by the government.

(The content of this article is sourced from a news agency and has not been edited by the ap7am team.)