[Answered] In spite of having one of the most successful and cost-effective space programs in the world, India accounts for only 2 percent of the global space economy. What steps have been taken by the government for the growth of India’s “space economy? Suggest the steps required for its further growth.

From a modest beginning in the 1960s, India’s space programme has grown steadily, achieving significant milestones such as Chandrayaan-1 in 2008, Mars Orbitter Mission in 2013 and NAVIC in 2018. However, demand for space-based services in India is far greater than what ISRO can supply.

Steps taken by the government for the growth of India’s space economy:

1. The Indian Space Association, New Delhiaims towards bringing in critical technology and investment into the country alongside formulation of policy framework.
2. ISRO has also come up with a National Space Transportation Policy(NSTP) which authorizes private entities to establish and operate rocket launch sites both within and outside India, promoting private enterprises and a level playing field for them.
3. The GOI has enhanced the space focused polices by creation of the IN-SPACe and New Space India Limited. IN-SPACe will act as the nodal authority for any orbital launch by any private entity from within or outside India.
4. The government recently updated the SpaceCom and SpaceRS policies to boost private sector participation in the entire range of space activities.
5. According to the Economic Survey Report, 2022, as many as 47 new start-ups entered the Indian space sector in 2021, taking the tally to 101.

Steps required for its further growth:

1. Since commercial space activities by nature are high-risk and high-investment ventures, a clear domestic space law will encourage investment into the industry.
2. There is a need to lay down the mechanism for granting of license and regulation of private entities for commercial space activities as per any international treaty India is a signatory to.
3. Need to form a Space Activity Regulatory Mechanism to develop a space activity plan with established tasks and principles including space infrastructure and technologies for commercial and economic needs of the country.
4. ISRO spent about $1.5 billion in 2018, NASA spent $19.5 billion and China’s CNSA spent $11 billion. Government should increase budgetary support to ISRO to compete with the world.

With its mixture of cost-effective technology, budding start-up culture and abundance of youth, India has the potential to become a world leader in the global space economy. Scientists of India have made huge achievements in these decades, but the need of the hour is that there should be no restrictions on Indian talent, whether it is in the public sector or in the private sector.