The Indian Space Policy 2023 was recently approved by the Cabinet Committee on Security, and it aims to increase India’s share in the global space economy from less than 2% to 10%.[1] The policy has been formulated to augment space capabilities, encourage and develop a flourishing commercial presence in space, and use space as a driver of technology development and derived benefits. [3] The Indian Space Research Organisation (ISRO) has released the final version of the policy, which received approval from the country’s supreme decision-making. [4] One of the key features of the policy is the involvement of the private sector in India’s space program, in which the government plans to let private industries play an active role in its journey into outer space. [5]
Objective
‘In pursuance of the vision set out for the space sector, Government seeks to pursue a holistic approach by encouraging and promoting greater private sector participation in the entire value chain of the Space Economy, including in the creation of space and ground based assets.’ – Indian Space Policy – 2023
The Indian Space Research Organisation (ISRO) has been the primary organization responsible for India’s space program, but the new policy will encourage the private sector to play a larger role. The policy aims to create a supportive environment for private companies to develop space technologies, launch vehicles and offer services in the global market.
One of the key objectives of the new policy is to promote the growth of the domestic space industry and create new jobs in the sector. The policy will facilitate the establishment of a new regulatory framework to enable private entities to participate in space activities such as launching satellites, developing space-based applications, and providing space-based services.
Foreign investment
This policy will open up new opportunities for foreign investors, who will be able to partner with Indian companies and participate in India’s space industry. The policy also aims to encourage collaboration between Indian and foreign entities in the area of space technology. The government has already signed agreements with several countries including the US, Russia, France, and Israel to facilitate cooperation in space technology, research, and exploration. These agreements will create opportunities for foreign investors to partner with Indian companies in joint ventures.
The new space policy also aims to create a level playing field for private companies, who will be able to access ISRO’s facilities, technology, and expertise. This will help to reduce the cost of developing new space technologies and make them more accessible to private companies.
Foreign investors will also benefit from the policy’s focus on developing space-based services such as remote sensing, satellite navigation, and communication. These services have a wide range of applications in sectors such as agriculture, transportation, and disaster management, and are in high demand globally.
Conclusion
India’s space policy in 2023 presents a unique opportunity for foreign investors to participate in the country’s rapidly growing space industry. The policy’s focus on encouraging private sector involvement and collaboration with foreign entities will create new opportunities for companies to develop space technologies, launch vehicles, and provide space-based services. The policy’s emphasis on creating a level playing field for private companies and promoting the growth of the domestic space industry will help to create new jobs and drive economic growth in the country.
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Sources:
- https://www.indiatimes.com/explainers/news/explained-key-features-of-the-indian-space-policy-2023-599125.html
- https://www.isro.gov.in/media_isro/pdf/IndianSpacePolicy2023.pdf
- https://techcrunch.com/2023/04/20/india-space-policy-2023/
- https://www.news18.com/explainers/indian-space-policy-2023-private-satellite-rocket-isro-inspace-explained-7601785.html
