Union cabinet has approved the Indian Space Policy, 2023 under which roles and responsibilities of organisations such as ISRO, NewSpace India Limited and private sector entities have been laid down.
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),” Union Minister Jitendra Singh said.
He said the policy will aim to enhance the role of Department of Space, boost activities of Indian Space Research Organisation (ISRO) missions and give a larger participation of research, academia, startups and industry.
The minister informed Rajya Sabha (Upper House) that presently FDI in space sector is allowed up to 100% in the area of satellites-establishment and operations through government route only. That means permission from the government will have to be obtained after applying to bring in FDI.
In a statement laid on the table of the Rajya Sabha, Singh said Indian National Space Promotion and Authorization Centre (IN-SPACe), 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 channelizing FDI will evolve after approval of revised FDI policy by the government, the Minister said.