ISRO could see India capture 8% of global space economy

The new space policy, which is expected to be unveiled soon, will remove most of the constraints faced by private players.

India's space sector accounts for 2% of the global space economy, but can aim to touch 8% on the back of hard work by the private sector with hand holding from space agency ISRO, a top official has said.

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The new space policy, which is expected to be unveiled soon, will remove most of the constraints faced by private players, who can look forward to building satellites, leasing out transponders, building launch vehicles and exploring the world of space-based applications.

“The most important objective of the space policy is to promote and facilitate the private sector playing a key role in the space sector,” Pawan Kumar Goenka, Chairman, Indian National Space Promotion and Authorisation Centre (IN-SPACe) told PTI.  Goenka said the Indian Space Research Organisation (ISRO) could play more of a role in development of technology, ecosystem and infrastructure to drive the commercial aspect of the space sector.

“India has an appetite for space. We have 100 start-ups of which two-thirds have been established in the last two years,” he said.

Goenka said India can aspire to become a satellite manufacturing hub and a launchpad for the world with a variety of rockets ranging from the Small Satellite Launch Vehicle to the Geosynchronous Satellite Launch Vehicle.

IN-SPACe was set up in 2020 as a single-window, independent, nodal agency to promote and enhance the role of private industry players in the space sector.  It was also tasked with authorising the use of ISRO facilities by private companies, development of Indian satellite systems, and launch of rockets developed by the private sector.