CHENNAI: With India currently having an abysmal market share of 2 per cent in the global space sector, which is worth $440 billion, efforts are underway to restructure the country’s space sector with more aggressive participation from private industries and attracting Foreign Direct Investment (FDI).
Chairman-designate of Indian National Space Promotion and Authorization Centre (IN-SPACe) Pawan Goenka on Monday said India, despite being one of the foremost space-faring nations, has not managed to reap benefits.
“I am not from the space sector, but would like India to increase its market share to 10 per cent. My first priority would be to bring regulatory and policy framework long awaited by private industry,” said Goenka at the inaugural International Space Conference and Exhibition.
He also rued the fact that India’s total investment in the start-up ecosystem in space sector is about $22 million, which is less than 0.5 per cent of global investment. He said, “There is a lot of interest among start-ups in the space sector in India. Cooperation among all the stakeholders is a must to take the initiative forward.”
Chairman of Indian Space Research Organisation (ISRO) K Sivan said the Department of Space received about 40 proposals, mostly from start-ups, after the Union government announced space reforms in June last year. “We are processing those applications. The government is also revising the FDI policy in space sector. The new policy will open up huge avenues for foreign space companies to invest in India. This will ensure a sustained engagement between India and overseas companies,” Sivan added.
Last year, in order to maximise benefits from the space assets, various reforms were mooted. Among them are encouraging Non-Government-Private-Entities (NGPEs) to make launch vehicles and satellites; NewSpace India Limited (NSIL) to take ownership from the Department of Space for operational launch vehicles, commercialise launches, satellites and services; ISRO to concentrate more on technology advancements and carrying out space missions.
Country’s start-up ecosystem less
India’s total investment in the start-up ecosystem in space sector is about $22 million, which is less than 0.5 per cent of global investment