Published 18:30 IST, May 16th 2020
Space sector opened up for private players, start-ups to enter atomic research: Sitharaman
Finance Minister Nirmala Sitharaman announced plans to open up space sector to private players and link Indian start-ups to atomic research and development
- Economy News
- 2 min read
Finance Minister Nirmala Sitharaman has announced plans to open up the highly lucrative space sector to private players and link Indian start-ups to the atomic energy development and research sector. The reforms are meant to invite private expertise and investments in the two sectors which India wants to rapidly advance through greater research and development and compete with countries like China.
Unveiling the fourth tranche of a massive stimulus package pledged by the Modi government to rescue the Indian economy from the devastating fallout of the Coronavirus pandemic, Nirmala Sitharaman announced structural reforms in eight sectors —
coal, mining, aerospace, defence production, social infrastructure, power distribution in Union Territories, Space, and atomic energy.
"We need to decongest sectors for boosting the economy and prepare for tough global competition. The structural reforms being announced today will impact those sectors which are new horizons of growth, unleashing new investment, boosting production, and creating jobs," FM Sitharaman said.
Space sector open for private players
In a game-changing move to boost private participation in space exploration and research, Nirmala Sitharaman has announced that future projects for planetary exploration, outer space travel, etc will be open for private players. Private companies will be allowed to use ISRO facilities and other relevant assets to improve their capacities.
The Finance Minister said the Centre will provide a predictable policy and regulatory environment to private players. Liberal geo-spatial data policy will also be introduced for providing remote-sensing data to tech entrepreneurs. The measures are expected to further India's leap in the space sector.
"Indian private sector will be a co-traveller in India's space sector journey. We will provide a level-playing field for private companies in satellites, launches & space-based services," the Nirmala Sitharaman said.
R&D push in atomic energy
In the atomic energy-related reforms, the Finance Minister announced that to link India's robust start-up ecosystem to the nuclear sector — Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs. The government will establish a research reactor in the PPP model for the production of medical isotopes for affordable treatment for cancer and other diseases.
Updated 18:30 IST, May 16th 2020