June 13, 2022
The global space industry is IN 400 billion and is expected to reach INR 1 trillion by 2040
India's share in the global space industry is 2%
IN-SPACe has received 67 proposals from companies across industries
The Indian Space Research Organisation's (ISRO) space missions will be merged with the private sector
Prime Minister Narendra Modi said that the private sector should play a larger role in improving India’s contribution to the global space industry, at the launch of the headquarters of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) at Ahmedabad.
The global space industry is worth INR 400 billion and is expected to reach INR 1 trillion by 2040. However, India’s share in this is only 2% and thus there is huge potential to grow, according to PM Modi.
IN-SPACe will serve as a single-window independent nodal agency to address the needs of the private sector involved in India’s space programmes, according to the PM. Additionally, he also said that India has strong potential to become a major player in space tourism and space diplomacy if collaborations with the private sector are effectively established.
IN-SPACe has received 67 proposals from companies across industries, MSMEs/startups, academics, NGOs, industrial associations, as well as individuals, for the launch of space vehicles, satellites, space applications, ground systems, and research.
The prime minister also declared that ISRO’s space missions will be merged with the private sector, with ISRO facilitating the transfer of its technology while offering access to its resources for the common benefit.