Centre will frame a new space policy soon: Modi
AHMEDABAD: The central government will soon frame a new space policy to reform the sector, said Prime Minister Narendra Modi on Friday after inaugurating the Indian National Space Promotion and Authorization Center (IN-SPACE) headquarters in Ahmedabad.
“Like the IT sector, India’s space sector will rise to new heights...we will soon come up with a new policy for the space sector and a policy for ease of doing business,” the Prime Minister (PM) said. A part of Indian Space Research Organization (ISRO), the new space centre will pave the way for space exploration for private players.
“Some people were sceptical and had questioned if anyone will be interested in investing in the space sector. Today, there are close to 60 Indian companies who have taken a lead in this space. From space applications, satellite launches to even Polar Satellite Launch Vehicle (PSLV) and rocket designs, private companies have come forward to participate,” Modi said.
The Union Cabinet headed by the PM had approved the establishment of IN-SPACE in June 2020. IN-SPACE will be the single-window autonomous nodal agency to enhance participation of private companies in space related activities, Modi said.
According to estimates, the global space economy is worth USD 400 billion and is expected to expand up to USD 1 trillion by 2040. “India’s share is only 2% and this is expected to go up in near future,” said Modi.
Union home minister Amit Shah, Gujarat chief minister Bhupendra Patel and Gujarat BJP chief C R Paatil were also present at the event.