New space policy to boost pvt participation in space sector: Jitendra Singh

India has built end-to-end capability in the space sector and is poised for a greater participation in the global space economy, Union Science and Technology Minister Jitendra Singh said on Monday.

Addressing the G20 Space Economy Leaders meeting in Shillong, Singh said the Union Cabinet has approved the Indian Space Policy 2023 to give further boost to private investments and encourage private participation in all areas of space activities.

The reforms aim to make private industries co-travellers in India's space journey by allowing them to undertake independent end-to-end space activities. The increased private industry participation will eventually result in increased contribution of India in the global space economy, the minister said addressing the gathering in Shillong virtually.

The G20 Space Economy Leaders meeting is being organised under India's G20 presidency by the Department of Space.

Singh said over these years, space technology has penetrated all walks of life and as a result, there is a huge demand for space-based services which have huge commercial potential.

He said the government decided to open up the space sector for the Indian private industry through the 2020 space sector reforms to enhance their participation in end-to-end space activities with hand holding from the Indian Space Research Organisation (ISRO).

Singh said a nodal entity, called the Indian National Space Promotion and Authorisation Center (IN-SPACe), has been created towards promoting and authorising private industries participation.

The first privately built sounding rocket was launched last November and a space start-up has established a launch pad inside ISRO's launch complex. A few start-ups have built and launched satellites, he said, adding that the industry has welcomed the formation of IN-SPACe.