'Making India technologically advanced': PM Modi after Cabinet clears Space sector reforms

Prime Minister Narendra Modi on Wednesday lauded his Cabinet's decision to pass ambitious reforms to unlock private participation in the lucrative Space sector saying the reforms are yet another step towards making India self-reliant and technologically advanced.

The Union Cabinet on Wednesday approved reforms aimed at boosting private sector participation in the entire range of space activities, as announced by Finance Minister Nirmala Sitharaman in May.

"Space sector can play a major catalytic role in the technological advancement and expansion of our Industrial base. The proposed reforms will enhance the socio-economic use of space assets and activities, including through improved access to space assets, data and facilities," a statement from the Prime Minister's Office said.

READ | Union Cabinet Approves Reforms To Allow Private Sector Participation In Space Activities

IN-SPACe

Union Minister of State for Atomic Energy and Space, Jitendra Singh, also announced the formation of a new institution – Indian National Space, Promotion and Authorisation Centre or IN-SPACe. He said the Centre will guide the private industries in space activities through encouraging policies in a friendly regulatory environment. He maintained that the body's role has been extended into the Indian Space Research Organisation (ISRO).

According to a government statement, IN-SPACe will provide a level playing field for private companies to use Indian space infrastructure. It will also hand-hold, promote and guide the private industries in space activities through encouraging policies and a friendly regulatory environment.

READ | Russian Cosmonaut Shares Pics Of Mumbai ed From Space; Check Out

Space sector open for private players

In a game-changing move to boost private participation in space exploration and research, Nirmala Sitharaman had 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 had said the Centre will provide a predictable policy and regulatory environment to private players. Liberal geo-spatial data policy would be introduced for providing remote-sensing data to tech entrepreneurs. The measures are expected to further India's leap in the space sector.

The announcement was made while 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 in May.

READ | Union Cabinet Approves Ordinance To Bring 1,540 Co-operative Banks Under RBI Supervision

READ | Space Sector Opened Up For Private Players, Start-ups To Enter Atomic Research: Sitharaman