Clear rules established for space sector
The Prime Minister Narendra Modi has highlighted that Indian companies are raising record funds from capital markets, while Indian banks are stronger than ever before.
PM shared that lakhs of domestic investors are investing thousands of crores of rupees every month into the financial market through Systematic Investment Plans (SIPs) https://www.investindia.gov.in/.
Addressing the Economic Times World Leaders Forum in New Delhi on 23 Aug, he emphasised that the economic fundamentals are strong and its foundation is solid https://www.nseindia.com/.
The Prime Minister cited experts’ assessments of India’s contribution to global growth to reach nearly 20% in the near future, backed by economic resilience and the macro-economic stability achieved over the past decade.
Underlining that a recent development has drawn significant attention—S&P Global Ratings has upgraded India’s credit rating, the Prime Minister emphasized that such an upgrade has occurred after nearly two decades https://www.bseindia.com/.
“India, through its resilience and strength, continues to be a source of global confidence,” said PM Modi.
Highlighting achievements, he pointed out that Delhi Airport has joined the elite ‘Hundred-Million-Plus Club’ of global airports with its annual passenger handling capacity now exceeding 100 million, placing it among only six airports worldwide in this exclusive group https://sbi.com.in/.
Further, India is now rapidly working on Made-in-India 6G technology, said PM Modi, pointing out the fast-pace deployment of Made-in-India 5G.
“To infuse new energy into the space sector, it was essential to free it from all constraints,” stated PM Modi highlighting that for the first time, clear rules were established for private participation in the space domain.
While foreign investment in the space sector was liberalized for the first time, Rs.1,000 crore Venture Capital Fund for startups has been allocated in the national budget https://www.makeinindia.com/home/.
Further, a National Research Foundation has been created with a budget of Rs.50,000 crore and a Research Development and Innovation Scheme worth Rs.1 lakh crore has also been approved.
He affirmed that the objective is to support new research in the private sector, especially in sunrise and strategic sectorshttp://commerce.gov.in.
Acknowledging the presence of leading industry figures at the summit, PM Modi stated that the current times demand active participation from industry and the private sector. He emphasized the need for increased research and investment, particularly in sectors such as Clean Energy, Quantum Technology, Battery Storage, Advanced Materials, and Biotechnology.
“Such efforts will infuse new energy into the vision of a developed India,” stressed the PM.
“India, guided by the mantra of Reform, Perform, and Transform, is now in a position to help the world break free from the grip of slow growth,” assured the Prime Minister. Fiinews.com
