Private sector has a big role to play in space economy

India is likely to be a $1.5-trillion space economy. Indian Space Association (ISpA) and EY unveiled a report on 'Developing the Space Ecosystem in India.' The space launch segment is likely to grow the fastest by 2025 at a CAGR of 13 per cent spurred by growing private participation, latest technology adoption and the low cost of launch services. With the rapidly growing space ecosystem, India is all prepared to grow to $13 billion by 2025 at a CAGR of 6 per cent. As India looks forward to the New Space Policy, the private industry's role is set to create a revolution in the current value chain of the Indian space economy. According to EY, opening up of the space economy to private participation in India heralds an era of growth and innovation. It is part of many pioneering space reforms being introduced. A conducive regulatory and policy framework, as well as promoting ease of doing business (EoDB) is critical for investments to flow in the space domain, and will go a long way in building a robust ecosystem.

Indian satellite manufacturing opportunity in 2020 was $2.1 billion and is expected to reach $3.2 billion by 2025. By 2025, the satellite manufacturing segment will be the second fastest growing in the Indian space economy. Setting-up space parks across the country is likely to give a fillip to companies operating across the space value chain, especially manufacturing and is the key to attracting global startups working in the space sector and help incubate space tech companies in India.

As part of the Founders Hub program, 15 selected startups may apply to Founders Hub and avail up to $150,000 worth of free Azure credits. Five finalists of SpaceTech startups have pitched their ideas to industry leaders and investors at a session 'Pitch Right for Skyrocketing Startups'. Following this specially curated mentorship engagement with senior executives of leading companies is in store for the startups.

These alliances will work towards fostering, incubating and hand holding promising startups. The platform is to open dialogue, discuss business models, talk about regulatory challenges and possible learnings from other geographies, and generate interest in the new entrepreneurs to indulge in intense discussions and build up a new age space ecosystem in the country.

Different nuances of the satcom industry are being discussed like decoding space economy. In-orbit technologies, and leveraging data from space.

Space investment outlook and funding for new ventures' will take into cognisance recent investment trends in the commercial space market and how that will impact the immediate and long-term future of the industry. A balanced approach to spectrum allocation, human space flights and deep space opportunities, satellites in mobility, satellites in the 5G era and beyond, and dialogue on satellite role in disaster management and resilient infrastructures.

The fourth frontier of warfare is also on the agenda like leveraging dual use capabilities for national security, protecting space capabilities and cybersecurity framework, navigating the laws for space business in India, insurance and liability coverage for space business, and, spacecraft design, production and mission success. ISRO, IN-SPACE, NSIL, DoT, MoD and the NITI Aayog apart from various domestic and international trade bodies are all part of the programme.