India Can Capture 8 Percent Of Global Space Economy

India can achieve 8 percent share in the Global Space Economy. This is possible with the hard work of the private sector working in partnership with the Indian Space Research Organisation,  ISRO. Pawan Kumar Goenka, president of the Indian National Center for Space Promotion and Authorization (In-Space), has made this claim. According to Pawan Kumar Goenka, the new space policy is likely to be announced soon. In this, most of the obstacles faced by the private sector will be removed.

They will then be able to explore possibilities in the world of satellite manufacturing, transponder leasing, launch vehicle manufacturing, and space-based industries. This will increase India's share. Pawan Kumar Goenka said in his statement that, we have about 100 startups, out of which two-thirds have been established in the last two-three years. The most important goal of space policy is to motivate the private sector to play a role in the space sector. In the US, the president of In-Space said it took a decade for the space industry to move from NASA to the private sector and open its doors to the private sector. India can expect to reach the current position of the US in the next 10 to 15 years.

According to Goenka, India has the potential to become a global satellite production and launch center, employing rockets ranging from the Small Satellite Launch Vehicle to the Geosynchronous Satellite Launch Vehicle. IN-SPACe was established in 2020 as a central hub agency with a single point of contact, independent of other space-related organizations, to advance private enterprise's interests in space. It was also in charge of approving private sector use of ISRO infrastructures, such as the development of Indian satellite systems and the launch of privately built rockets.