New draft space law ready, may help attract more foreign investment

A fresh draft of India's first dedicated space law is ready, said Pawan Goenka, chairman of nodal space regulator Indian National Space Promotions and Authorization Centre (In-Space), a move that could make foreign investments easier in the nascent sector.

- Shouvik Das

The absence of a space law has hobbled investments into the industry, crimping its ability to grow beyond the current estimated $9 billion. Investment applications currently need to go through the tiny space department, causing a backlog.

The new draft comes six years after the government came out with the first one. All that India has at the moment in the form of an official document is a four-page policy published in 2023.

The latest draft, prepared by the Department of Space, is expected to be thrown open for industry stakeholder consultations by March next year, Goenka said in an interaction with Mint on Wednesday.