Shillong: The New Space segment is a major contributor to the fast-paced growth of the Indian economy, said Union Minister of State for Finance Pankaj Chaudhury at the precursor meeting of the G20 Space Economy Leaders Meeting (SELM) in the city on Monday.

Chaudhury emphasised the need to conduct space activities in a responsible manner he said that efforts are being taken to promote New Space for further fueling the space economy. 

"As all the G20 members have established space agencies and industries, the country should also look forward to possible alliances," he said.

The minister said that space-based technologies, such as satellite based earth observation, satellite communications and navigation have positive impacts in agriculture, disaster management, transportation, health and in addressing climate change issues.

Hinting at the commitment of the Government for developing and promoting Space technology for the nation, the minister said, ”Indian Space programme was evolved with the intention of harnessing the benefits of space technology for solving the problems of the common man. The Government of India has recognised Space as a key contributor for developing the Indian economy in the time to come. To enable this the Government has opened up the Indian Space sector for private investments through the 2020 space sector reforms”.

Meghalaya Chief Minister Conrad Sangma on Monday tweeted, "India’s #G20 presidency has come at the right time as our nation is at the forefront in many frontiers globally & is making new strides in development. Thank Hon’ble PM @narendramodi for bestowing Meghalaya with the honour to host delegates of #G20 in Shillong."

The focus of the two-day event is to showcase all the capabilities of ISRO and the Department of Space and to collaborate in future science missions.

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