NEW DELHI: The government on Wednesday approved amendments in the Foreign Direct Investment (FDI) policy on the space sector aiming at significant inflows of funds and growth of investment, income and employment.
Now, the space sector has been opened up for FDI in prescribed sub-sectors and activities, as it would enhance ‘Ease of Doing Business’ in the country, the government said in a statement.
“Under the amended FDI policy, 100 per cent FDI is allowed in the space sector. The liberalised entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in the space sector,” it noted.
The decision formed a part of several recommendations made by the Union Cabinet, which met under the chairmanship of the Prime Minister.
As per another decision, the tenure of implementing the umbrella scheme on ‘Safety of Women’ and the Centrally sponsored Scheme ‘Flood Management and Border Areas Programme’ (FMBAP) will also be extended.
The total outlay for Safety of Women, the umbrella scheme of Union Ministry of Home Affairs, is Rs 1,179.72 crore.
“Of the total project outlay of Rs 1,179.72 crore, a total of Rs 885.49 crore will be provided by MHA from its budget and Rs 294.23 crore will be funded from Nirbhaya Fund,” a government statement said.
The FMBAP, with a total outlay of Rs 4,100 crore, will be continued for a period of five years from 2021-22 to 2025-26.
A sharp hike in sugarcane FRP (Fair and Remunerative Price) by Rs 25 to Rs 340 per quintal for 2024-25 seasons was also approved. With this, the farmers cultivating sugarcane in Uttar Pradesh’s western parts will benefit hugely as they hold a more significant chunk of the population in the state.
According to the statement, this is a historic price for sugarcane, which is about 8 per cent higher than FRP of sugarcane for the current season 2023-24.
The Cabinet also modified the National Livestock Mission by including various activities and providing 50 per cent capital subsidy to individuals and organisations for establishing horse, donkey, mule, and camel entrepreneurship.
The Centre will provide Rs 10 crore for the establishment of semen station and nucleus breeding farm for horse, donkey, and camel under the modified National Livestock Mission, Union minister Anuraag Thakur told reporters here.