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Thursday, December 2, 2021

Economic Sector: Private Sector Entries Boosted at Space Sector, Entered in India Top-50 Innovative Country for the First Time

The Central Government issues the Economic Survey before presenting the Union Budget. In this survey, the current economic situation of different sectors of the country is taken. The Finance Ministry today presented the Economic Survey for the year 2020-21, before the General Budget for the year 2021-22. It said that this sector has benefited greatly from the reforms brought by the central government for the space sector. The Economic Survey states that more than 40 government-funded startups in India are working in the space sector.

The Economic Survey said that the steps taken by the government and the decision to give entry to private companies in the space sector has created an eco-system on space technology in the country which is led and overseen by the Indian Space Agency ISRO (ISRO) Working in At present there are more than 40 Space Government-funded startups in the country and their number is expected to increase in the coming years. Let us tell you that in June 2020, the Central Government opened up the space sector to private companies and established the Indian National Space Promotion and Authority Center (IN-SPACe), whose work is for companies to invest and enter the space sector.

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Increasing innovation in the country, but need more support

The Economic Survey states that India entered the Top 50 Innovative Country Club for the first time in 2020, since the inception of the Global Innovation Index in 2007. Central and South Asia rank first in terms of innovation, while India ranks third among middle-income countries. It said that India should have ambitions to be among the top-10 countries in the world. This report states that financial support is needed to motivate private companies in the country to innovate.

Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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