Private sector can boost India's space programme globally: PM Modi

Prime Minister Narendra Modi on Friday called for higher participation of the private sector in the country’s space programme and increasing India’s contribution globally.

“Today, the global space industry is worth $400 billion and is set to touch $1 trillion by 2040. Our participation is just two per cent in this. We have to increase our share. The private sector has a big role to play here,” said Modi.

The PM was inaugurating the headquarters of Indian National Space Promotion and Authorisation Centre (IN-SPACe) in Ahmedabad.

Modi stated that IN-SPACe will act as a single window nodal agency to address the needs of the private sector in India’s space programme.

On the back of private entrepreneurs’ involvement in the sector, India has strong possibilities to emerge as a big player in “space tourism” and “space diplomacy,” said Modi.

Sectoral regulator for private players, IN-SPACe has been created to provide a level-playing field to private companies and start-ups in the space sector.

IN-SPACe will independently make decisions on regulating space activities of the private sector, said IN-SPACe chairman Pawan Goenka.

Talking about the Centre’s role, ISRO chairman S Somanath said that applications and activities emerging out of the space programme are the highest source of revenue, followed by satellite making and launching vehicles.

“So the real money is on the application side. The money earned from applications can be fed into the launch of satellites. And, to really scale up operations, investment has to come from the private sector. IN-SPACe will be able to create business opportunities for the private sector,” said Somanath.

According to Goenka, IN-SPACe has so far received 67 proposals in the areas of launch vehicles, satellites, space applications, ground systems and research from entities from small to big entities.

Moreover, 10 memorandums of understanding (MoUs) have been signed between private players and IN-SPACe, including eight in payload and two in vehicle launches.

Talking about the upcoming space policy, Goenka said, “The policy will come within a month or so. It is a single policy with the primary objective of enabling private sector participation in space,” Goenka added.