India to revise FDI policy for space sector, tie up with foreign companies: ISRO Chief

ISRO chairman K Sivan on Monday detailed the reforms in the Indian space sector, stating that the liberalisation of FDI norms would open huge avenues of opportunities for foreign space companies to invest in India. India is expected to roll out a new FDI policy for the space sector which is currently under review by the Ministries. The ISRO chief,  who is also the Secretary of the Department of Space, welcomed foreign companies to tie up with Indian companies in the space sector saying that there was enormous scope for a sustained engagement that will greatly benefit both sides.

Speaking at the International Space Conference organised by the Confederation of Indian Industry (CII) K Sivan said, "Our space FDI policy is getting revised and this will open up huge avenues of opportunities for foreign space companies to invest in India. This will ensure a sustained engagement between Indian and overseas companies which will greatly benefit both." 

"This is something we have to take up very very strongly. We have seen a lot of interest (in the Indian space sector) from the foreign companies," he added.

In October 2020, the Union government gave its nod to bring reforms in the space sector by allowing private players' participation. Following this, ISRO released the draft of a new Spacecom Policy 2020 to regulate the commercial use of satellites, orbital slots, and ground stations for communication needs. The policy enables private players to get authorisation for setting up new communication satellites and ground stations. 

Speaking about the progress of the domestic policy he said, "The department sees start-ups as new-age industry partners and the potential future partners who can contribute to space economy and we will be able to enable them to become competitive with
other big global players."

The Department of Space has already signed a framework MoU with Hyderabad-based Skyroot Aerospace Pvt Ltd. The MoU enables the startup to undertake multiple tests and access facilities at various ISRO centres. It will also aid Skyroot to avail the technical expertise of ISRO for testing and qualifying their space launch vehicle systems and subsystems.  Many such MoUs with other start-ups will be signed soon, Sivan said.

(With Agency Inputs)