The Union Cabinet chaired by PM Shri Narendra Modi on 24 June approved far reaching reforms in the Space sector aimed at boosting private sector participation in the entire range of space activities.
- The decision taken is in line with the long-term vision of Prime Minister Shri Narendra Modi of transforming India and making the country self-reliant and technologically advanced.
- India is among a handful of countries with advanced capabilities in the space sector.
- With these reforms, the sector will receive new energy and dynamism, to help the country leapfrog to the next stages of space activities.
- This will not only result in an accelerated growth of this sector but will enable Indian Industry to be an important player in global space economy.
- With this, there is an opportunity for large-scale employment in the technology sector and India becoming a Global technology powerhouse.