135 applications received from 135 NGEs in space sector: Minister
1 min read . Updated: 08 Feb 2023, 04:58 PM IST
Premium- A new seed fund scheme has been approved by IN-SPACe board to provide initial financial assistance to Indian space startups.
New Delhi: Union Minister Jitendra Singh on Wednesday said that 135 applications have been received by IN-SPACe till date from 135 non-governmental entities (NGEs) in the space sector.
The minister was replying to a question Lok Sabha on space startups. He said that a new seed fund scheme has been approved by IN-SPACe board to provide initial financial assistance to Indian space startups.
Singh added that a revised FDI policy in space sector to facilitate overseas investment in NGEs and a national space policy are in the process of final approval of the government.
The minister said that during financial year 2021-22, the space tech industry imported items worth an estimated ₹2,114 crore for executing various projects/ programmes.
These included EEE components, high strength carbon-fibres, space qualified solar cells, detectors, optics, and power amplifiers. During the financial year 2021-22, ₹174.90 crore was generated towards export of launch services, data sales and in-orbit support services and post-launch operations.
IN-SPACe is mandated to promote, enable, authorise and supervise the non-governmental entities in the space sector in India.
“IN-SPACe has started authorising Indian space companies for utilisation of ISRO facilities for the private companies / start-ups, installation of facilities within ISRO campuses, Launch of Satellites and launch vehicles, and Mentorship support. With the announcement of Space Sector reforms, private players have started contributing to the Space economy and their share is increasing," the statement added.
