Increased Private Participation To Help Indian Space Economy Grow: ISpA

New Delhi, Aug 28 (KNN) The Indian Space Association (ISpA) Director General Lt Gen A.K. Bhatt (Retd) said that the increased participation from the private sector will help India become a leader of the global space economy.

"With continued support from the investors as well as the government, the ecosystem will be able to sustain in the long-term to make India a leader of the global space economy," Bhatt told IANS.

At present, India has over 150 space startups which have secured USD 303 million in funding in recent years. Indian startups in the space sector are now operating in diverse segments such as launch vehicles, satellites, propulsion systems, ground services and applications, etc.

India currently ranks seventh in terms of funding within the international spacetech landscape, firmly establishing its influence in this dynamic sector, according to a latest report by market intelligence firm Tracxn.

Bhatt said that the historical unshackling of the private space sector, announced in June 2020, was reinforced by the Indian Space Policy which was announced in April 2022.

"The new policy focuses on the growth of private space industry and start-ups and provides them opportunities for all verticals of space including future opportunities such as asteroid mining," he told IANS.

As part of this initiative, public-private partnerships like the recent one for construction of 5 PSLVs by HAL and L&T is an example of the new initiative to explore space.

"The policy is especially a welcome step for Indian space-tech startups and encourages greater involvement of these companies in the space sector," Bhatt noted.

The plans for a Production Linked Incentive (PLI) scheme for satellite manufacturing is in the pipeline.  (KNN Bureau)