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The landscape of space technology in India has undergone a seismic shift, transforming from a solitary endeavour to a burgeoning industry hosting 189 start-ups as of 2023, according to data from the DPIIT Start-Up India Portal. Union Minister Dr Jitendra Singh, responsible for Science & Technology, revealed this exponential growth in an update.
Highlighting the financial ascent accompanying this technological surge, Dr Singh emphasised that investment in Indian space start-ups surged to an impressive US$124.7 million in 2023, marking a significant upswing from previous years.
Discussing the broader economic impact, Dr Singh projected the current size of the Indian space economy at around US$8.4 billion, constituting a modest 2-3% of the global space economy. However, with the anticipated implementation of the Indian Space Policy 2023, the minister envisioned a meteoric rise, foreseeing a colossal US$44 billion Indian space economy by 2033.
This ambitious growth trajectory heavily banks on the pivotal role of the private sector, envisaged spearheading end-to-end solutions in satellite manufacturing, launch vehicle production, satellite services provision, and ground systems manufacturing.
Foreign Direct Investment (FDI) in the space sector has also been under scrutiny and review, with the Department of Space collaborating with DPIIT to potentially revamp FDI policy guidelines. Dr Singh highlighted the openness toward FDI for satellite establishment and operations under the Government route, aiming to attract international interest and capital.
The emerging trend of Non-Government Entities (NGEs) making forays into satellite launches and establishing their constellations is a pivotal development. These satellites are anticipated to contribute significantly to various sectors, from agriculture to disaster management and environmental monitoring.
Singh also shed light on pioneering endeavours within the NGE realm, such as the launch of sub-orbital vehicles and the establishment of private launch pads and mission control centres within the ISRO campus. Such initiatives align closely with the Indian Space Policy 2023, aimed at facilitating comprehensive participation of NGEs across diverse realms of space activities.
Additionally, Singh emphasised several crucial strides within the sector, including private enterprises exploring satellite-based communication solutions, the emergence of satellite integration and testing facilities in the private sector, local manufacturing of satellite subsystems and ground systems, collaborations between Indian private space firms and global counterparts, and the augmentation of satellite-based applications and services by private entities.
Efforts to nurture talent and foster innovation in the space sector were also highlighted. Initiatives such as the National Committee for Space Technology Education Adoption, mentorship programs connecting industry veterans with NGEs, and committees supporting academic institutions and students in space-related activities underscored a concerted drive to cultivate a robust space technology ecosystem.
IN-SPACe, the nodal agency overseeing private sector participation in space activities, has been instrumental in fostering collaborations through numerous schemes, including seed fund initiatives, mentorship support, design labs, skill development programs, technology transfer, and MoUs signed with NGEs to bolster industry participation in manufacturing launch vehicles and satellites.
The minister also acknowledged the presence of industry associations like the Indian Space Association (ISpA), delineating their autonomous operations outside the governmental purview while recognising their pivotal role in driving industry initiatives.
As India navigates this transformative phase in space technology, the burgeoning synergy between government initiatives, private sector dynamism, and collaborative efforts with international counterparts propels the nation toward unprecedented strides in the cosmos.
