Indian Space Policy 2023

Context- The Indian Space Policy, 2023, which outlines the roles and responsibilities of organizations like ISRO, NewSpace India Limited, and private sector entities, was approved by the Union Cabinet recently.

Key Highlights 

• The government had before opened up the space area for the confidential area to assist with supporting improvement of the portion.
• In a nutshell, it will clarify the function of the established components.
• The goal of the policy is to expand participation from research, academia, startups, and industry, as well as to strengthen the Department of Space’s role and activities.

India’s Position in Global Space Market

• SpaceTech Analytics says that India will be the sixth-largest player in the industry by 2021, with 3.6% of all space-tech companies in the world. 56.4% of all companies in the space-tech ecosystem are based in the United States.
• The United Kingdom accounts for 6.5%, Canada for 5.3%, China for 4.7%, and Germany for 4.1% of the market.
• In 2019, the Indian space industry was worth $7 billion, with a goal of $50 billion by 2024. The country’s champion component is its expense viability.
• India is the first nation to successfully reach Mars’ orbit on its first attempt, and at $75 million, it was significantly less expensive than Western standards.

Why is the space industry in need of reforms?

To Increase the Size of the Space Sector-

• ISRO receives funding from the government and has a roughly Rs. 15,000 crore, the majority of which is used to construct satellites and rockets.
• India’s space economy is relatively small. Private players must enter the market in order to expand the sector’s scope.
• ISRO intends to share knowledge and technology with all private players, such as the ability to manufacture satellites and rockets.
• There are significant players in the space industry in Russia, Europe, and the United States, including Boeing, SpaceX, AirBus, and Virgin Galactic.

Private Player Reforms-

• Private players have always existed in the industry, but they have only ever made parts and subsystems. To be able to manufacture rockets and satellites, industry must be given a boost.

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