Private Companies will Get Chance in Space, Govt. to Boost Private Sector Investments in Social-Infrastructure Projects : FM

New Delhi : Finance Minister Nirmala Sitharaman held a press conference today i.e. May 16, Saturday at 4 pm. In the last three days, Union Finance Minister Nirmala Sitharaman has announced three tranches of measures to cushion the impact of the Covid-19 pandemic and the lockdown on the economy.

Government says it will boost private sector investments in social-infrastructure projects, like hospitals, by revamping the Viability Gap Funding Scheme. The total outlay for this has been pegged at Rs 8,100 crore.

– Government will enhance the quantum of viability gap funding up to 30 per cent each of total project cost as VGF by Centre and State/Statutory bodies

– For other sectors, VGP existing support of 20% each from Government of India and States/Statutory Bodies shall continue

– Projects to be proposed by Central Ministries/State governments and statutory entities

Private sector to be given access space sector: Government

The government is boosting private participation in space activities.

This will be done by :

– Providing level-playing field for private companies in satellites, launches and space-based services

– Providing predictable policy and regulatory environment to private players

– Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capabilities

– Future projects for planetary exploration, outer space travel etc to be open to private sector

– Liberal Geo-spatial data policy for providing remote-sensing data to tech-entrepreneurs

FM announces reforms for atomic energy

– Govt to establish a research reactor in PPE basis for production of medical isotopes to promote welfare of humanity through affordable treatment for cancer and other diseases.

– The government will also establish facilities to use irradiation technology for food preservations, again in PPE mode. This technology will compliment agricultural reforms and assist farmers.

– The government will lastly link India’s robust start-up ecosystem to the nuclear sector to foster a synergy between research facilities and tech-entrepreneurs.

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