In a historic move, the Indian government recently approved the Space Policy 2023, which seeks to institutionalize and facilitate private sector participation in India's space sector. The policy outlines the roles of the Indian Space Research Organisation (ISRO), New Space India Limited (NSIL), and the Indian National Space Promotion and Authorization Center (IN-SPACe), and offers clarity in the roles of these components.
With the new policy, private sector companies can now participate in end-to-end space activities such as building rockets, satellites, launch vehicles, and data collection and dissemination. The NSIL will handle strategic activities related to the space sector, while the IN-SPACe will be the interface between ISRO and non-governmental entities.
According to ISRO Chairman S Somanath, the Space Policy 2023 seeks to increase private sector participation in the space sector to help India increase its share in the global space economy from less than two percent to 10 percent in the future.
The policy also encourages private sector investment in creating new infrastructure for the sector and offers a framework for the private sector to use ISRO facilities for a small charge. This will help promote private sector investment and growth in India's space industry.
Furthermore, ISRO will focus on research and development of advanced space technologies, new systems, and infrastructure, while operational and production work for the space sector will be moved to the NSIL.
The future of India's space economy looks bright with the inclusion of private sector participation. According to the Economic Survey of India, there have been over 100 active space companies in India since 2012. Many of them are currently vying for approval from the IN-SPACe to participate in space missions.
Allowing private companies to perform space missions has been a successful strategy in other countries, such as the United States, where private sector investment has grown significantly. For instance, Elon Musk's SpaceX's reusable Falcon 9 rockets have become a popular choice for space missions worldwide.
Overall, the Indian Space Policy 2023 marks a significant step forward for India's space industry, offering clarity and support to private sector participation in the space sector.
