The Russian government earmarked about 200 billion rubles ($7 billion) in funding for space programs in 2010-11, Prime Minister Vladimir Putin said on Thursday.

"In the far-from-easy post-crisis conditions we are increasing the volume of funding for our space programs," he said.

Putin said Russia would develop a whole range of new capabilities over the next five years.

"We need new-generation space equipment, featuring greater reliability and service life," he said.

This requires a "deep modernization" of space industry enterprises, as well as significant investment in R and D programs, the prime minister said.

Putin directed the Russian space agency Roscosmos, in conjunction with the Russian Academy of Sciences, to draw up long-term space research plans by this August.

Source: RIA Novosti