{"id":38114,"date":"2025-02-27T19:25:31","date_gmt":"2025-02-27T13:55:31","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=38114"},"modified":"2025-04-01T17:01:58","modified_gmt":"2025-04-01T11:31:58","slug":"india-space-economy-to-increase-five-fold","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/27-02-2025\/india-space-economy-to-increase-five-fold","title":{"rendered":"India\u2019s Space Economy to Increase Five-fold"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/Space<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As per the union minister of state for Science &amp; Technology India&#8217;s space economy is set to<strong> grow fivefold to $44 billion<\/strong> in the next decade, with private investments already <strong>crossing \u20b91,000 crore.<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>India\u2019s share in Space Industry<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/www.nextias.com\/ca\/editorial-analysis\/26-07-2024\/indias-space-economy-2\">India\u2019s space economy <\/a><\/strong>stands at <strong>$8 billion<\/strong> contributing <strong>2-3% <\/strong>of the global space economy and this is expected to rise to <strong>8% by 2030<\/strong> and further to<strong> 15% by the year 2047.<\/strong><\/li>\n\n\n\n<li>With over <strong>400<\/strong> private space companies, India ranks <strong>fifth globally <\/strong>in no. of space companies.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Private players in Space Industry<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The number of space startups in India increased to nearly <strong>200 in 2024<\/strong> from just one in <strong>2022<\/strong>, in just about two years.<\/li>\n\n\n\n<li>The funding received by these start-ups reached a total of <strong>$124.7 Mn in 2023<\/strong> from $67.2 Mn in 2021.&nbsp;<\/li>\n\n\n\n<li>The Skyroot, have launched India\u2019s first privately built rocket, <strong>Vikram-S<\/strong>, into space, with plans to revolutionize satellite launches.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Regulation of the Private sector in the Space industry in India<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>National Space Promotion and Authorisation Centre (IN-SPACe):<\/strong> It is an <strong>autonomous and single window nodal agency<\/strong> in the Department of Space for the promotion, encouragement and regulation of space activities of both government and private entities.&nbsp;<\/li>\n\n\n\n<li><strong>NewSpace India Ltd (NSIL):<\/strong> It is mandated to transfer the matured technologies developed by the ISRO to Indian industries.\n<ul class=\"wp-block-list\">\n<li>All of them are under the purview of the Ministry of Defence.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Significance of privatization of space sector<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost Reduction:<\/strong> Profit motive drives private companies to reduce costs in space missions and satellite launches.<\/li>\n\n\n\n<li><strong>Competition &amp; Innovation:<\/strong> Privatization introduces competition, enhancing efficiency and fostering innovation.<\/li>\n\n\n\n<li><strong>Commercialization:<\/strong> Private players enable space applications in sectors like agriculture, disaster management, urban planning, navigation, and communication.<\/li>\n\n\n\n<li><strong>Autonomy: <\/strong>Greater decision-making autonomy allows private companies to take on new projects more swiftly.<\/li>\n\n\n\n<li><strong>Employment &amp; Self-reliance:<\/strong> Privatization generates jobs, supports modern technology adoption, and helps make the space sector self-reliant.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Challenges<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>High Investment Costs: <\/strong>Space technology requires heavy investment, potentially leading to monopolization by wealthy corporations.<\/li>\n\n\n\n<li><strong>Specialized Expertise:<\/strong> Building and operating space tech demands specialized technical skills and resources.<\/li>\n\n\n\n<li><strong>Protecting intellectual property rights (IPR):<\/strong> Safeguarding intellectual property rights is essential to encourage innovation and investment.<\/li>\n\n\n\n<li><strong>International Competition:<\/strong> Indian private space companies face strong competition from established players like SpaceX and Blue Origin globally.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Steps Taken by Government<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Space Sector Reforms (2020):<\/strong> Government allowed private sector participation, defining roles of IN-SPACe, ISRO, and NSIL.<\/li>\n\n\n\n<li><strong>Space Vision 2047: <\/strong>Aims for Bharatiya Antariksh Station (BAS) by 2035 and an Indian Moon landing by 2040.\n<ul class=\"wp-block-list\">\n<li>Gaganyaan follow-on missions &amp; BAS first module by 2028.<\/li>\n\n\n\n<li>Next Generation Satellite Launch Vehicle (NGLV) by 2032.<\/li>\n\n\n\n<li>Chandrayaan-4 by 2027, to collect moon samples and demonstrate return technology.<\/li>\n\n\n\n<li>Venus Orbiter Mission (VOM) by 2028, to study Venus.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Indian Space Policy, 2023:<\/strong> Ensures level playing field for Non-Government Entities (NGEs) in space activities.<\/li>\n\n\n\n<li><strong>Venture Capital Fund:<\/strong> Rs. 1000 crore fund for space startups under IN-SPACe over the next 5 years.<\/li>\n\n\n\n<li><strong>SpaceTech Innovation Network (SpIN)<\/strong>: SpIN is a one-of-its-kind public-private collaboration for start-ups and SMEs in the space industry.<\/li>\n\n\n\n<li><strong>Under the amended FDI policy,<\/strong> <strong>100% FDI is allowed <\/strong>in the space sector.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Way Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation.&nbsp; It is expected to integrate Indian companies into global value chains.&nbsp;<\/li>\n\n\n\n<li>With this, companies will be able to set up their manufacturing facilities within the country duly encouraging &#8216;<strong>Make In India (MII)&#8217;<\/strong> and &#8216;<strong>Atmanirbhar Bharat&#8217; <\/strong>initiatives of the Government.<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/indicators\/space-economy-to-grow-fivefold-to-44-billion-in-a-decade-says-union-minister-jitendra-singh\/articleshow\/118586192.cms?from=mdr\" rel=\"nofollow noopener\" target=\"_blank\"><strong>ET<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the union minister of state for Science &#038; Technology India&#8217;s space economy is set to grow fivefold to $44 billion in the next decade, with private investments already crossing \u20b91,000 crore.<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38114","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/38114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=38114"}],"version-history":[{"count":2,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/38114\/revisions"}],"predecessor-version":[{"id":40135,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/38114\/revisions\/40135"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=38114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=38114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=38114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}