Space is the next frontier of human evolution and nation states are competing hard with limited resources. It feels like battle to stay relevant. The current valuation of the global space economy stands at about USD 447 billion and India’s ‘space economy’ is valued at ₹36,794 crore (approx. USD 5 billion only), which shows that India still needs to cover a big gap.
India is acting swiftly to fulfil its space ambitions as it also slowly upgrades its position with a space program that marks as one of the most advanced among other spacefaring nations in the Asian Continent. After unlocking the Space Sector for private players, Innovative Start-Ups are coming in a big way to explore the untapped potential. Access to ISRO facilities and expertise has also been extended to private entities to support their space activities. Talks are on to allow FDI in the space sector too.
India earmarked Rs 13,700 cr for the Dept. of Space in Budget 2022-23, as ISRO gears up for Gaganyaan — India’s first human spaceflight mission. Besides, India has other future missions including the Chandrayaan-3 programme, the Shukrayaan Venus mission which is expected to get launched in 2024, a twin aeronomy satellite mission that will study the uppermost layer of Earth’s atmosphere, Mission Trishna (in collaboration with French Space Agency CNES) for accurate mapping of land surface temperature, to name a few.
Further, the economic survey 2022 showed how the number of startups in the space industry has almost doubled in the last year. The space sector has shown a thriving ecosystem of entrepreneurs and private businesses with aid from government policies and reforms. Over 55 start-ups have registered with the Indian Space Research Organisation (ISRO), Department of Space, in just about two years since the Indian Space Department and the ISRO were opened to the private sector. Out of these 55 proposals, 29 are Satellite related, 10 are for Space Applications and Products, 8 are related to Launch vehicles and 8 are about Ground Systems and Research. In addition, 74 Student satellites are scheduled for launch this year that is coinciding with Azadi Ka Amrit Mahotsav, celebrating the 75th year of India’s Independence.
India came up with many reforms in 2020 to boost the space sector. These included creation of Indian National Space Promotion and Authorization Centre (IN-SPACe) under DOS for promoting, handholding, authorizing and licensing private players to carry out Space Activities. The existing policies in the space domain are also being revised and new policies are being drafted to address policy frameworks for various areas such as SpaceCom, Remote Sensing, Technology Transfer, Navigation, Space Transportation, Space exploration and Space Situational Awareness. The draft Space Activities Bill has completed Public and Legal consultations and will be processed for further approvals for inter-ministerial consultations.
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