New space policy will provide much-needed clarity and increase private participation
Published Date – Thursday, 4/27/23 at 12:15pm
New space policy will provide much-needed clarity and increase private participation
Hyderabad: By ending the government agency’s monopoly and allowing the private sector in, India has taken a big step towards unlocking the country’s potential in the global space market. Private companies will now be able to build rockets, satellites and launch vehicles to collect and disseminate data. According to the recently announced details of the Space Policy 2023, the private sector will be given the opportunity to participate in end-to-end space activities. A key takeaway is that the Indian Space Research Organization (ISRO) can now focus on research and development of advanced space technologies, while providing a clear framework for the private sector to use ISRO facilities for a small fee and encouraging them to invest in providing Booming industries create new infrastructure. India has established a reputation as a reliable player in the commercial satellite market. It has been working to increase its share of the global commercial aerospace market. Although it is the world’s space power, it currently only accounts for 2% of the commercial market. The government plans to increase this share to 10% by 2030 through commercial launches from ISRO and launches from private companies such as Skyroot and Agnikul, which are developing their own launch vehicles. The global space industry is worth more than $500 billion, with the US and China spending the most. The new space policy will pave the way for much-needed clarity on space reform and increased private industry participation to drive economic opportunity in space in the country.
The main advantage of the Indian space industry is cost-effectiveness. ISRO has proven its ability to become a global leader in commercial satellite launches. In March last year, the successful launch of the heaviest rocket LVM3 carrying 36 Internet satellites of the British OneWeb Group Company is a proof. This development also represents an important step in bridging the digital divide. The Indian space industry was worth $7 billion in 2019 and hopes to grow to $50 billion by 2024. To achieve this goal, India needs to leverage its cost-effectiveness in space. According to the Indian Economic Survey, there have been more than 100 active space companies since 2012. Many of these companies are currently vying for approval from the newly formed InSpace or India’s National Center for Space Promotion and Authorization, a liaison between ISRO and private sector companies. Allowing private companies to carry out space missions benefits countries such as the United States, Russia and some European countries. The new space policy is an important step toward integrating commercial and national security needs in a balanced manner. It will provide a strategic roadmap for promoting innovation, technological advancement and international cooperation, and ensuring national security in the space domain.
