IT HAS BEEN a busy year for India's space sector. The Indian Space Research Organisation's (Isro's) successful mission to the moon has captured the imagination of the nation, let alone the sector. The nascent space start-up ecosystem in the country has also witnessed record private-investment flow. Add to this the technology transfer initiatives by Isro, international agreements and co-operation including but not limited to the Artemis Accords, the official launch of iCET, India hosting the 4th edition of the Space Economy Leaders Meeting (SELM) under G20 presidency etc, and it will be an understatement to say that NewSpace era is finally here.
Popular consensus on the very definition of "NewSpace" is congruous to private sector participation in core space activities. However, the last 8-10 months have shown that NewSpace has several layers and enablers over and above privatisation.
In the Indian context, there are at least four critical enablers viz., regulatory and policy environment, private and public investments, international collaborations and technology transfers, actions of private and public enterprises that are being orchestrated for re-imagining India's space sector with the aim of fostering socio-economic development and securing national interest.
Though sustained actions from government, private sector, and industry bodies have resulted in momentum being picked up on all the enablers, it is imperative to sustain and advance the momentum towards the vision of transforming the country's space economy to being one valued at $44 billion by 2033.
This story is from the November 18, 2023 edition of Financial Express Mumbai.
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This story is from the November 18, 2023 edition of Financial Express Mumbai.
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