In order to increase private participation in the space sector even further, the government will soon unveil a new space policy that could lead to the rise of India’s own “SpaceX-like ventures,” said Mr. Ajay Kumar Sood, Principal Scientific Advisor.
In 2022, the space sector is witnessing what the information technology sector experienced in the 1990s, according to Mr. Sood.
A large number of satellites in low-Earth orbit (LEO) have the potential to transform the space sector. The government will encourage the private sector to manufacture satellites for a variety of applications ranging from healthcare, agriculture, urban development and property tax estimation.
According to industry estimates, the global space economy is worth US$ 423 billion, with India accounting for 2-3%. According to Morgan Stanley, the global space industry is expected to expand up to US$ 1 trillion by 2040.
SpaceX, founded by Elon Musk in 2002, is a private space transportation company that designs, manufactures and launches advanced rockets and spacecraft. He said there were immense opportunities for use of space technology for the benefit of humankind but there were limitations on what Indian Space Research Organisation (ISRO) could do.
“New launch vehicles are being developed, new fuels for spacecraft are being developed. This will connect the unconnected. That is the theme – connect the unconnected – that will happen when we open up the space sector,” Sood said.
With the opening up of the space sector, there could be dedicated satellites for various sectors such as agriculture, education, disaster management, e-commerce applications, he said.
