22 February 2024 : PIB Summary for UPSC
PIB Summary for UPSC
22-February -2024
1. Cabinet approves amendment in the Foreign Direct Investment (FDI) policy on Space Sector
| Topic: GS2 – Governance – Government policies – Interventions for development in various sectors The FDI policy amendments in the space sector align with Atmanirbhar Bharat, impacting India’s technological prowess and global competitiveness, crucial for UPSC aspirants. |
| Context |
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Additional information on this news:
- The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved amendments to the Foreign Direct Investment (FDI) policy in the space sector to align with the vision of an Atmanirbhar Bharat.
- The Indian Space Policy 2023 serves as a comprehensive framework to unlock India’s potential in the space sector, emphasizing enhanced private participation, space capabilities augmentation, and technology-driven benefits.
- The amendment divides the satellite sub-sector into three activities, each with defined limits for foreign investment.
- Liberalized FDI thresholds are introduced for various sub-sectors/activities, moving away from the government approval route.
- Under the amended policy, 100% FDI is allowed in the space sector, encouraging potential investors to invest in Indian companies.
- The entry routes are categorized based on activities, ranging from 100% automatic route for manufacturing components to government route for certain percentages in launch vehicles and satellite operations.
- Private sector participation is expected to boost employment, facilitate technology absorption, and promote self-reliance. The reforms aim to integrate Indian companies into global value chains, aligning with the ‘Make In India (MII)’ and ‘Atmanirbhar Bharat’ initiatives.
- The liberalized FDI policy provisions aim to enhance Ease of Doing Business, attract foreign investment, and contribute to the growth of investment, income, and employment in the country’s space sector.
| Practice Question: What are the potential economic and technological impacts of change in FDI policy in Space Sector on the Indian space sector? |
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