How Indian Space Policy 2023 Facilitates Startups’ 10x Faster Entry into Orbit

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Researcher, academic, startup, and business participation is encouraged by the policy, according to the Minister. The policy also outlines the obligations of private organisations like (ISRO) and other businesses.

A large number of start-ups are driving breakthroughs in several sub-segments, including building rockets and launchpads, improving satellite mapping, and more, as a result of the Indian government’s push for spacetech innovation.

The Union cabinet on Thursday (April 6) approved the Indian Space Policy 2023 to further boost the segment and enhance the role of start-ups and other private entities working in space. This comes at a time when India’s spacetech start-ups are growing by leaps and bounds in the third-largest start-up ecosystem in the world.

Jitendra Singh, the minister of state for science and technology, stated during a briefing for the cabinet that the Indian Space Policy 2023 would “offer clarity to the role of each component set up to enhance the role of the space department to give a boost to the activities of the ISRO missions and to have a larger participation between the research, academia, start-ups, and industry.”

The Indian Space Research Organization (ISRO) and other private organisations’ duties and responsibilities have been outlined in the policy.

The Indian National Space Promotion and Authorisation Centre (IN-SPACe), a single-window, independent, nodal agency operating as an autonomous agency in the Department of Space, was established by the Center in 2020 as one of the very first attempts to facilitate private sector participation in the space industry. (DOS).

To facilitate public-private partnerships, NewSpace India Limited (NSIL), a fully owned government of India enterprise, was also established in 2019.

A large number of start-ups are driving breakthroughs in several sub-segments, including building rockets and launchpads, improving satellite mapping, and more, as a result of the Indian government’s push for spacetech innovation.

With these advancements, India is now a leader in space technology, according to Singh, who also noted that within three years, there have been around 150 companies working with ISRO.

In reality, over the past several years, India has witnessed a significant number of businesses develop and gain increasing investor attention, including Agnikul, Skyroot, Digantara, Pixxel, and SatSure, among others.

According to government data that was made public in February of this year, INR 175 Cr was made in 2021–2022 from the export of launch services, data sales, in-orbit support services, and post–launch activities. According to Singh, IN-SPACe received proposals from 135 non-governmental entities (NGEs) working in the space industry up until February 8.

Suyash Singh, cofounder and CEO of GalaxEye Space, stated that “space policy empowers IN-SPACe to become an interface platform to get clearances on things ranging from FDI (Foreign Direct Investment) to bandwidth allocation.” The trip to orbit would now be 10X faster, he claimed, and it would serve as a one-stop gateway for companies in the space technology sector.

The first multi-sensor earth observation satellite in the world will be launched by early-stage business GalaxEye Space. Additionally, in December 2022, it raised $3.5 million in a startup funding round.

A few of Indian spacetech businesses have recently begun operating internationally. For instance, Pixxel recently signed a five-year deal to offer technical hyperspectral imagery to a US defence organisation.

According to a report by EY, India’s space economy is expected to grow at a CAGR of 6% between 2020 and 2025, reaching a market size of $600 billion.

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