Shakti DubeyAIR 1 · CSE 2024 · 280 wordsTheir whole copy
Opening · a constitutional or legal provision
Indian Space policy - 2023 has been recently passed by the government. It aims to focus on Research & development in order to foster innovation in space sector.
Body · points
Indian Space sector : Huge growth potential
Currently, India captures 2-3% of the global space industry while it aims to increase it to 10% by 2040. In order to acheive this - Private sector participation is a natural choice.
(1) Despite low contribution to global space market - Indian space sector has grown by >196% in past decade (ISRO)
(2) We still rely on huge imports (>60%) eg:- Transponders.
(3) There is lack of expenditure on R&D by government (<0.3% of GDP)
(4) Skill gap because of Brain drain
Thus it is clear that despite huge potential there are loopholes as well.
Private sector participation :-
(1) This can help in improving the innovation & can further Research & development.
(2) This can decrease the economic burden on government
(3) lead to increase in job opportunity in space sector
(4) Prevent Brain Drain - as youth will get avenues of growth in home country
(5) help India acheive it's target of capturing 10% of global space market
(6) Some of prominent private sectors in space are - Skyroot Aerospace (Vikram-S), Agnikul Cosmos (Printed 3D engine, etc)
In order to promote private sector participation - government has taken following steps:- (1) Indian space policy-2023 - allows for private sector participation (2) 100% FDI allowed in space sector (3) Setting up of organisations like IN-SPACe, NSIL, etc
Close · a way forward
Thus government has been focussing on decreasing the hinderance for private sector participation in space industry, in order achieve it's dream of $5 trillion economy.