Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, and Atomic Energy and Space, Dr. Jitendra Singh, has announced that the Indian government is considering revising its foreign direct investment (FDI) policy for the space sector.
Presently, the FDI policy in the space sector allows up to 100% FDI in satellite establishment and operations through the government route only. However, the Indian National Space Promotion and Authorization Centre (IN-SPACe), the regulatory and promotional body for space activities, is involved in revising the FDI policy, which is expected to give private players a chance to invest in this space.
Once the government approves the revised FDI policy, the specific role of IN-SPACe in channelizing FDI will evolve accordingly. The statement was laid on the table of the Rajya Sabha.
The Indian government has been taking various steps to promote private sector participation in the space sector, including opening up the space sector for private entities and offering incentives for private investment. The move to revise the FDI policy is another step in this direction, which could boost investment in the Indian space sector and facilitate the growth of the private space industry in the country.