Dr. Satyawan Saurabh
Since the beginning of civilization, man has been making exciting fantasies of space. In these exciting fantasies, space sometimes became the subject of spirituality and sometimes of poems and fables. Under the influence of transcendentalism, sometimes man established the heaven and hell of his imagination in space, and sometimes under the influence of humanism, he kept the earth at the center and considered space as its periphery. Gradually, when civilization and understanding developed, humans made observation instruments to understand the mysteries of space, in which telescopes were prominent.After this, the effort to understand space through science started. In this sequence, efforts were made from Aryabhata to Galileo, Copernicus, Bhaskar, and Newton. Modern space science developed after Newton, which has become so mature today that along with sending humans into space, we have also started imagining space tourism and setting up space colonies.By 2021, according to Space Tech Analytics, India is the sixth largest player in the industry internationally, accounting for 3.6% of the world’s space-tech companies. The US accounts for 56.4% of all companies in the space-tech ecosystem. The Indian space industry was valued at $7 billion in 2019 and aspires to grow to $50 billion by 2024. The country’s standout feature is its cost-effectiveness.
India has made continuous progress in the field of space science and has proved in many respects that it is not behind any developed country in the world. Now many countries have started sending their satellites into space from India’s launch vehicle, including countries that have advanced technology for satellite launch. India’s simultaneous launch of 104 satellites is a vivid example of this. In this way, India is moving fast in the satellite launch business. Mission Shakti is a remarkable achievement of this progress.
Private sector role in space can meet growing demand Indian Space Research Organization (ISRO)’s annual budget has crossed ₹10,000 crores ($1.45 billion) and continues to grow. However, the demand for space-based services in India far exceeds what ISRO can provide. Therefore, private sector investment is important, for which an appropriate policy environment needs to be created. Bolster innovation by enabling private players to bring in the innovation required for the development of space-based applications and services. Additionally, the demand for these services is increasing worldwide and in India, with satellite data, imagery, and space technology being used in most areas.
The private sector can facilitate the development of a cost-effective product or service to expand satellite-based services, thus creating a large base of new customers. Technological advancement will also lead to the development of better technologies for commercialization which is important. This would allow the integration of many other technologies such as artificial intelligence into space exploration activities. With the experience of space activities, the private sector can increase the role of technology in other areas. Every launch has different risks. The private sector helps in sharing the risk of the cost factor. Failure costs will be distributed. Also increasing private participation will reduce failures due to increased available human capital and brains. Public resources- land, labor, and capital is limited. Private sector participation will open up a new pool of resources and talent. It will bring more money, and experience in space exploration activities.
The FDI reform could see the government consider more liberal FDI norms for the sector to encourage both domestic and international funding. Creating an independent regulator can help build trust among private players. Incentives to private companies: Opening ISRO’s test facilities to the private sector will bring down costs and encourage firms to build operational spacecraft.
Ensuring India’s compliance with international obligations, ensuring security, covering liabilities, and standardization. A better regulatory environment would mean fewer barriers to entry for private firms. Incubator and grant programs that support the sector during this early R&D phase will greatly improve and increase entrepreneurship and investor participation, as well as the success rate of these startups. The role of the private sector in space in India has been kept limited. Private sector services have been taken only for less important works. ISRO still does important work like making and assembling equipment and testing. It is worth noting that NASA, the world’s largest space sector organization, has also been taking the help of the private sector. At present, there are more than 20 start-ups related to the innovative space in India. The approach of these enterprises is different from the traditional vendor/supplier model. These start-ups are exploring business opportunities either by a direct business or direct consumer interface. The way various independent app makers were allowed direct access to the Android and Apple platforms has revolutionized the use of smartphones. Similarly, by giving space to the private sector in the field of space, the possibilities of this sector can be increased and it will also be beneficial from India’s point of view. Therefore, the recent initiatives to encourage private participation like setting up of In-Space and New Space India Limited is a good step to realize the potential of the space sector, which should be further promoted through the above suggestions. It can also enable India to become a global hub in the space sector.
