With a focus on cost-efficiency, self-sufficiency, and international partnerships, India is poised to make a lasting impact on space exploration and technology, fostering significant growth.

In line with the Indian government’s Aatmanirbhar Bharat vision, the Indian space sector has made impressive progress and recognized its inherent potential. The CII-Deloitte ‘NewSpace: India perspective’ report, unveiled at the International Conference on Space 2023, delves deep into the key factors driving this space renaissance. This report provides insights into the Indian space ecosystem, including regulations, technological advancements, and collaborative ventures, particularly focusing on the involvement of the private sector and financing trends.

The report also emphasizes the vital role of the space sector in driving socio-economic growth, highlighting the importance of action for its continued development. India’s thriving NewSpace industry is marked by an unprecedented surge in startups, with more than 420 registered with the IN-SPACe portal.

This remarkable growth is a result of various policy changes, including the privatization of the space sector. The recently released Indian Space Policy 2023, led by the Department of Space, formally includes Non-Government Entities, including private space enterprises, in various space-related domains such as satellite manufacturing, launch services, space applications, and research and development.

Sreeram Ananthasayanam, Partner at Deloitte Touche Tohmatsu India, expressed, “India’s space sector is on the verge of a transformative journey, with reforms set to stimulate the space economy. The Government of India is committed to enhancing technology diffusion and nurturing a thriving space economy. The emergence of the NewSpace era promises innovation, entrepreneurship, and cost-effective solutions, with private entities playing a significant role. This shift marks a move from a government-centric ecosystem to a more democratic one, where private and government efforts converge, enabling rapid innovation and cost-effective solutions.”

He added, “The global space sector is evolving, and India’s mission ‘Antariksh mein Aatmanirbharata’ focuses on self-reliance and meeting global demand with initiatives like ‘Vocal for Local’ and ‘Make for Global.’”

In this rapidly evolving landscape, NewSpace is set to revolutionize our utilization of space, driving technological advancements and innovation across various sectors like telecommunications, agriculture, health, education, infrastructure, navigation, and strategic defence. This creates economic opportunities, fosters a thriving ecosystem, and positions India at the forefront of global scientific and economic progress.

The report also caters to a diverse readership interested in the Indian space landscape, emphasizing that domestic and international stakeholders are eager to collaborate and invest in India’s flourishing space sector.

It outlines a series of critical “Call to actions” that contribute to a dynamic ecosystem, from fostering public-private partnerships to optimizing tax initiatives and policy reforms. Strengthened collaborations with academia and a comprehensive assessment of current space capabilities pave the way for self-reliance and competitiveness. Standardizing market size estimates and benchmarking global initiatives are crucial elements of this transformative journey, ensuring the Indian Space Policy 2023 remains adaptive and impactful.

With a focus on cost-efficiency, self-sufficiency, and international partnerships, India is poised to make a lasting impact on space exploration and technology, fostering significant growth.

https://www.financialexpress.com/business/defence-indias-space-revolution-pioneering-progress-and-socio-economic-impact-3243881/