Government Support, Private Investments Drive India As Global Space Leader: Experts

(MENAFN- IANS) New Delhi, August 23 (IANS) Experts said on Friday, on the first National Space Day, that with the right support from the government and private investment, India will become a global leader in space.

India is celebrating its first National Space Day (NSpD-2024) on August 23 with the theme “Touching Life by Touching the Moon: India’s Space Saga”.

The purpose of this day is to commemorate the groundbreaking achievement of the Chandrayaan 3 spacecraft, which made India the fourth country to land on the Moon and the first to reach its South Pole on August 23, 2023.

Under ISRO’s leadership, India has been pushing the boundaries of space over the last decade, resulting in a number of groundbreaking achievements including the Mangalyaan mission, a record launch of 104 satellites, Chandrayaan 3 and Aditya L-1.

The country’s private space sector has also seen significant growth over the past decade. Experts attribute this to the government’s progressive policies, including the India Space Policy and the establishment of NewSpace India (NSIL).

“Though there are challenges like funding and infrastructure, the overall outlook is bright. With continued government support and private investment, India has the potential to become a global leader in space,” Dr Subba Rao Pavuluri, CMD, Ananth Technologies and President, SIA-India, told IANS

“The Indian space sector has undergone a transformation, evolving from humble beginnings to a global leader in space exploration and innovation,” added Vishesh Rajaram, Managing Partner, Speciale Invest.

In 2020, the government opened up the sector to public-private partnerships with the ‘India Space Policy 2023’ and the launch of the Indian National Space Promotion and Authorisation Centre (IN-SPACe). IN-SPACe is a regulator for private sector entities operating in the space sector.

Pavuluri said the government’s actions “have actively encouraged Indian private companies and created an enabling environment.”

In 2021, India had just one digital space startup, while there are now around 300.

From building launch vehicles and rockets to designing advanced satellites, startups are also developing space situational awareness (SSA) solutions and building space-based applications.

“India has emerged as a true vehicle for realising every person’s dream of space technology and is well on its way to becoming a global leader in all aspects of space technology,” Srinath Ravichandran, co-founder and CEO, Agnikul Cosmos, told IANS.

AgniKul Cosmos recently launched the world’s first rocket with a fully 3D-printed engine. The startup has also set up a private launch pad at ISRO.

Rajaram told IANS that the space sector is poised for further exponential growth, fuelled by a liberalised foreign direct investment (FDI) policy, a dedicated space fund of Rs 1,000 crore and the Indian space policy framework that supports private space startups with support from ISRO and IN-SPACe.

“With these catalysts, the Indian space sector is expected to reach $45 billion by 2034, which will increase India’s share in the global space economy five-fold from 2 per cent to 10 per cent over the next decade and cement its position as a major player in the global space industry,” he added.

Pavuluri noted that satellite manufacturing, launch services, space components and services such as communications, Earth observation and space tourism are potential areas for increased private involvement.

Dr Sachin Bahmba, founder of SPACE Group, told IANS that National Space Day is not only a celebration of the country’s achievements in space, “but also a proof of our commitment to space education and exploration”.

“It is an invitation to every Indian to be part of this exciting journey,” he said.

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