India’s National Space Promotion and Authorization Center (IN-SPACe) will soon clarify regulations and issue guidelines to encourage more private companies to participate in India’s space sector, said space broker-designate Pawan Goenka.
The government founded IN-SPACe last year to level the playing field for private companies and startups in the space sector and to ensure they capitalize on the Indian Space Agency’s investments in building technology and infrastructure.
“In my new role, I want to set goals, define strategies and responsibilities, and monitor them. India’s share of the $ 440 billion space economy is less than 2% and we will work to change that. It is too early to speak of a specific number, ”Goenka said on Monday at an international space conference and exhibition.
The Indian Space Research Organization (Isro) will focus on research and development, while a commercial entity, New Space India Ltd, will take over the operational assets of the space agency and also offer them to the private sector
Goenka said private companies need to make bold bets and invest to grow the space sector. Investments in new space companies in India were approximately $ 21 million, less than half a percent of investments in space technology companies worldwide.
“We will have to keep pushing the boundaries of science and technology, for which state space agencies will have primary responsibility. We will have to keep moving the private sector very aggressively to pursue the space sector, especially downstream applications. You have to make big bets. Take some risks, more investment needs to be made in the sector, ”he said.
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The Department of Space (DoS) sees startups as new age industry partners and will enable them to go global, said K Sivan, chairman of Isro.
He said around 40 companies – mostly startups – have shown an interest in the space sector since a directive was presented allowing private sector participation in the sector.