Union Minister of State Science & Technology Jitendra Singh on Wednesday said that till date, 135 applications have been received by IN-SPACe from 135 Non-Governmental Entities (NGEs) in the space sector.
Singh laid a statement on the table of the Lok Sabha in reply to a question on start-ups in space, and said that a new seed fund scheme has been approved by IN-SPACe Board to provide initial financial assistance to Indian space start-ups.
The Minister said: "A revised FDI policy in the space sector to facilitate overseas investment in NGEs and a National Space Policy are in the process of final approval of the government."
On the question of details of total imports and exports carried out in the space tech-based industry in the country, the statement said that during the financial year 2021-22, items worth Rs 2,114 crore (approximately) were imported for executing various projects/ programmes.
The major imported items include EEE components, high strength carbon-fibres, space-qualified solar cells, detectors, optics, power amplifiers, etc. During the financial year 2021-22, an amount of Rs 174.90 crore was generated towards export of launch services, data sales and in-orbit support services and post-launch operations.
The statement said that as per the Gazette notification dated October 2, 2021, IN-SPACe has been mandated to promote, enable, authorise and supervise NGEs in the space sector in India.
IN-SPACe has started authorising Indian space companies for utilisation of ISRO facilities for 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.