FDI policy for Space Sector
According to the chief of Indian Space Research Organisation, K Sivan, India will soon come out with a new foreign direct investment (FDI) policy for the space sector.
While speaking at the International Space Conference organised by Confederation of Indian Industry (CII), the chief said, India’s space FDI policy is getting revised and it will open huge avenues of opportunities for foreign space companies to invest in Indian Space Sector.
MoU with SKyroot
Department of Space has signed a MoU with Hyderabad-based Skyroot Aerospace Pvt Ltd. This MoU enables the startup to undertake several tests and access facilities across the ISRO centres. It will also enable the Skyroot to avail technical expertise of ISRO in order to test and qualify their space launch vehicle systems and subsystems.
Participation of private sector
Union government has approved the proposal of bringing reforms in space sector in October 2020 and allowed the participation of private players. With this approval, ISRO released a new draft Spacecom Policy 2020 in order to regulate the commercial use of satellites, ground stations for communication needs and orbital slots. This policy also enables private players to get authorisation of setting new communication satellites and ground stations.
Skyroot is an Indian private aerospace manufacturer and commercial launch service provider. It is located in Hyderabad, Telangana. It was founded by former engineers and scientists from ISRO. The company was established with the aim of developing and launching its own series of small lift launch vehicles especially for small satellite market.
Category: Science & Technology Current Affairs
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