Cabinet meeting held under the chairmanship of Prime Minister Narendra Modi ratified the decision of boosting private sector participation in space sector in the country.
Union Atomic Energy and Space Minister, Dr. Jitendra Singh informed that that government will constitute Indian National Space Promotion and Authorization Centre (IN-SPACE) for effective socio-economic usage of space technology.
Dr. Singh added that, the Public Sector Enterprise, New Space India Limited (NSIL) will endeavour to re-orient space activities from a supply driven model to a demand driven model, thereby ensuring optimum utilization of our space assets.
Briefing media in New Delhi, Union Information and Broadcasting Minister Prakash Javadekar said, Urban Cooperative and Multi State Cooperative banks will be brought under the direct supervision of Reserve Bank of India.
The decision, he said, will ensure financial security for the account holders in nearly one thousand five hundred fourty such banks.
The government will bring an ordinance in this matter shortly. Mr. Javadekar said, government has also taken a decision to develop an International Airport in Kushinagar district in Uttar Pradesh.