CHENNAI: Though India is late in allowing private players to venture into the space sector, a strong beginning has been made on Friday with the successful accomplishment of Mission Prarambh, the launch of Vikram-S, country’s first privately-made rocket. Also, Foreign Direct Investment (FDI) norms are likely to be relaxed within the next two months to support rapid expansion of the sector.
“The current FDI policy is restrictive towards allowing investments from outside India. The Department of Space is looking at advising the FDI council. We have just started the process. Hopefully, within next two months, we will come out with a new policy that will enable foreign investments in space sector,” said Pawan Goenka, chairman, Indian National Space Promotion and Authorization Centre (IN-SPACe), while responding to question from TNIE during the press conference.
The rocket Vikram-S, designed and developed by Hyderabad-based space startup, proved its mettle accelerating to hypersonic speed of Mach 5 in less than 20 seconds after lift-off. The rocket reached an altitude of about 89.5 km in 155 seconds, as planned and later made a splashdown in Bay of Bengal about 135 km from the Sriharikota coast.
Union Minister of State Jitendra Singh said the India’s ascend has begun in space sector. “It is indeed a new beginning and a new dawn.”