Union Cabinet Approves Private Sector Participation in Space Activities
The move to leapfrog India’s space activities into the next stage by transforming the Indian Space Sector for the future challenges was made during a meeting of the Union Cabinet on 24th June 2020.
Under the Chairmanship of the Prime Minister of India Narendra Modi, to further advance India’s capabilities in the space sector, the Cabinet approved the participation of the private sector in various space activities.
This long-awaited move from the Indian Government is highly significant in order to establish India’s position as one of the important players in the global space economy.
The decision will bring new energy and dimension to the entire space sector, which in the long run will also help in building an AtmaNirbhar Bharat by making the space sector self-reliant and technologically advanced.
Role of IN-SPACe and NSIL
- The Cabinet has approved setting up of Indian National Space Promotion and Authorization Centre (IN-SPACe). Through friendly regulatory and encouraging policies, IN-SPACe will have the responsibility to guide the private sector in various space activities.
- State-owned enterprise New Space India Limited (NSIL) was founded in March 2019. The NSIL will have the responsibility to change the economic and social policies for encouraging the private sector in space activities by making Indian Space Sector demand-driven from the current supply-driven model.
Month: Current Affairs - June, 2020
Category: Science & Technology Current Affairs