India launched 353 foreign satellites since 2014: Jitendra Singh

India has launched 353 foreign satellites since 2014, earning the country foreign exchange, Union Minister Jitendra Singh said on Wednesday.

He said India earned 187 million euros from European countries and 39 million dollars from the US by launching satellites since the Modi government came to power in 2014.

Earlier, in reply to a question in Lok Sabha, Singh said in order to promote and encourage public-private-participation projects and start-ups, a central PSU called “NewSpace India Limited (NSIL)” has been established.

He said a single-window nodal agency “Indian National Space Promotion and Authorization Centre (IN-SPACe)” has been established to promote non-government entities and to create an ecosystem for private companies in the space sector.

Singh said 135 applications have been received by IN-SPACe from non-governmental entities and start-ups in the space sector.

Responding to a question on start-ups in the sector, Singh said a new seed fund scheme has been approved by the IN-SPACe Board to provide initial financial assistance to Indian space start-ups.

Singh said a revised FDI policy in the space sector to facilitate overseas investment in non-government enterprises and a national space policy are in the process of final approval.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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