‘Final approval’ awaited for National Space Policy and FDI in the space sector: Union minister

Representative Image(Source: ISRO)

The policy for foreign direct investment (FDI) in space sector and the National Space Policy are in the process of securing final approval from the government, Minister of Science and Technology Jitendra Singh said in the Parliament on February 8.

Singh was responding to a query on whether the government has “accepted” the involvement of private sector companies, start-ups in the space technology businesses, and the current policies to support such business.

Earlier, Moneycontrol reported that the stakeholders in the space tech industry were pitching for a 74 percent foreign direct investment, which would be in line with the FDI for the defence sector.

In 2022, the Indian Space Research Organisation (ISRO) Chairman S Somanath had said that a policy in this regard would be released soon.

The government had also released the draft Indian Space Policy in 2022, which was reviewed by the Space Commission, and underwent consultation process involving industry and various ministries.

Singh also informed in the Parliament that in FY 2021-2022, items worth Rs 2,114 crore were imported for executing various space technology-related projects and programmes. While only Rs 174.90 crore was generated by exporting launch services, data sales, in-orbit support services and post launch operations, the minister informed.

“The major imported items include EEE (electrical, electronic and electro-mechanical) components, high strength carbon fibres, space qualified solar cells, detectors...” Singh said.