Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the establishment of Indian National Space Promotion and Authorization Centre (IN-SPACe). It has been approved to encourage the participation of private sector in the entire range of space activities. It will also enable Indian Industry in becoming an important player in global space economy.
Private Sector and India
Private Sector in Space Industry – Benefits
Constantly increasing demand
There has been some increase in the Indian Space Research Organization (ISRO) annual budget in recent years, reflecting the growth of ISRO, although the demand for space-based services in the country is also increasing at a rapid pace, due to which ISRO Not able to meet these demands. In such a situation, the role of the private sector becomes very important to fulfill the demand.
Overall Development of Space
Many analysts believe that the overall development of the Indian space sector cannot be ensured without private sector participation. In such a situation, if India has to make overall development of the space sector, then it will have to create a favorable environment for the private sector.
Appropriate use of human capital
By restricting space activities to ISRO only, proper utilization of the human capital present in the country is not possible. In this way, opening up the space industry to the private sector will make full use of the available human capital resources in the country.
Ensuring private sector participation in the space industry will enable the development of better and important technologies. This will lead to the integration of many other technologies such as artificial intelligence (AI) into space exploration activities.
Reduction in risk
Each space-related launch entails different types of risk, so the private sector can help share the risk of the cost factor.
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