{"id":258335,"date":"2023-09-01T20:52:59","date_gmt":"2023-09-01T15:22:59","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=258335"},"modified":"2023-09-01T20:52:59","modified_gmt":"2023-09-01T15:22:59","slug":"technology-beyond-space-encouraging-private-sector-will-increase-opportunities","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/technology-beyond-space-encouraging-private-sector-will-increase-opportunities\/","title":{"rendered":"Technology beyond space \u2013 Encouraging private sector will increase opportunities"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cTechnology beyond space \u2013\u00a0Encouraging private sector will increase opportunities<\/strong>\u201d published in Business Standard <\/strong>on\u00a01st<\/sup> September 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS 3 \u2013 Indigenization of Technology<\/strong><\/p>\n

Relevance: <\/strong>Measures required to enhance India’s space sector.<\/p>\n

News: <\/strong>India’s space economy is currently worth around $8 billion, which is less than 2% of the global space economy<\/strong>, estimated to be worth around $500 billion.<\/p>\n

However, India is trying to increase its contribution through a multipronged effort.<\/p>\n

What efforts are being taken by India to increase its contribution in the space sector?<\/strong><\/h2>\n

Space Policy:<\/strong> The new Indian Space Policy<\/strong><\/a> aims to boost India’s contribution to $45 billion in the next decade.<\/p>\n

InSpace:<\/strong> InSpace, ISRO’s commercial arm, will explore new opportunities and provide technical expertise and facility access to Indian companies.<\/p>\n

Private Sector Involvement:<\/strong> ISRO will emphasize the transfer of its technical expertise and offer assistance, including granting access to its facilities, to India’s private sector.<\/p>\n

About 85% of Chandrayaan-3’s components were already made by commercial organizations,<\/strong> reflecting a shift toward capitalizing on space tech for commercial purposes and increased industry participation in India’s space sector.<\/p>\n

Artemis Accords:<\/strong> India’s involvement in the Artemis Accord<\/strong><\/a> opens up opportunities for Indian firms to bid for future contracts with NASA, further multiplying potential opportunities in the space industry.<\/p>\n

What have been India’s achievements in the space sector?<\/strong><\/h2>\n

India has over 400 aerospace startups and established engineering firms entering the space sector. Increased access to ISRO’s technology and testing facilities will speed up this growth.<\/p>\n

The next decade could witness 50,000 satellite launches, creating a substantial market opportunity for India. Private sector involvement has lowered satellite launch costs<\/strong> by nearly 90% per kilogram.<\/p>\n

Indian consortiums also aim to enter the satellite launch market. Enabling technology transfer will help them to build rockets and establish their own launch facilities.<\/p>\n

Must Read: <\/strong>Explained | Why is India\u2019s space industry looking for private sector investment?<\/strong><\/a><\/p>\n

What can be the way ahead?<\/strong><\/h2>\n

The space economy drives growth and innovation in numerous sectors like meteorology, agriculture, energy, and more.<\/p>\n

It also offers opportunities in hardware, software, and defense applications along with possibilities like asteroid mining, marine habitat adaptation, etc.<\/p>\n

India can benefit from these opportunities. However, governments worldwide must balance private sector involvement with taking environmental and safety considerations along <\/strong>with minimal regulation.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cTechnology beyond space \u2013\u00a0Encouraging private sector will increase opportunities\u201d published in Business Standard on\u00a01st September 2023. Syllabus: GS 3 \u2013 Indigenization of Technology Relevance: Measures required to enhance India’s space sector. News: India’s space economy is currently worth around $8 billion, which is less than 2% of the… Continue reading Technology beyond space \u2013 Encouraging private sector will increase opportunities<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216,242],"class_list":["post-258335","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","tag-science-and-technology","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=258335"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258335\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=258335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=258335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=258335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}