India’s space sector offers huge scope for foreign companies to tie up with Indian companies: Dr. K. Sivan
Dr. K Sivan, President and Chairman of ISRO and Secretary of the Space Department, said that the rising space sector of India has huge business and start-up potential, and Indian industries would continue to play a vital role in the changing global space scene. He spoke during the three-day International Space Conference & Exhibition 2021 held on Monday on the virtual platform Hive (CII).
"Industry including start-ups will have a range of new prospects in fields such as construction and launch of launch vehicles and satellites, satellite service and ground level technology development, R&D operations and mission support services," said the President of ISRO. Sivan underlined the importance of the Indian space industry, which the Government of India has significantly opened up since 2020, that the industry will play a critical role in addressing various questions including the use of scarce frequencies, mobilisation and use of technological and financial resources.
Dr Sivan stressed that the increasing importance of space technology and applications in a range of streams has stimulated the need for space technology and applications that are also necessary to support sustainable development, in conjunction with wide use of mobile applications and IoT and broadcast and remote sensing activities. The spatial department is committed in a strong manner to creating an even playing field for industry, said ISRO and Indian Industry, as well as startups in order to take advantage of the developing business prospects in the space industry, would be pioneering.
Dr. Sivan stressed that the government is reviewing the FDI rules for the space sector, stressing the new prospects for international enterprises to invest in the Indian space sector. The Confederation of Indian Industry (CII), together with Antrix Corporation, The Indian Space Research Organization (ISRO) and NewSpace India Limited are organising the International Conference & Exhibition on Space 2021 (NSIL).
Nico van Putten, Deputy Director of the Netherlands Space Office; Anthony Murfet, Deputy Head of the Australia Space Agency; Dr D. Radhakrishnan, Chairman and Manager, NewSpace India Limited (NSIL); Rajan Navani, Chairman, CII India@75 Council; Rakesh Sasibhushan, Chairmen-Designate of the IN-SSSPACe; Dr R Umamaheshwaran; Scientific Secretary, ISRO and Incharge (IN-SPACe activities); Dr Radhakrishnan
"Although India is at the forefront of space technology, it holds an estimated USD440 billion share of the global space sector, which is less than two per cent. Today, with the opening of the space industry, various start-ups are popping up, some of whom might even become unicorns," stated Dr. Pawan Goenka, IN-SPACe Chairman Designate. He also noted that IN-SPACe is intended to provide industry with more policy and regulatory clarity, promote private investment opportunities, identify new applications for space technology, ensure smooth coordination among space agencies, open domestic suppliers' overseas markets, and facilitate technology cross deployment, among other things.
Dr R Umamaheshwaran (IN-SPACe) Scientific Secretary of the ISRO and Incharge claimed that in order to promote, manage, monitor and authorise private actors active in the domestic space industry IN-SPACe will be catalytic. He also said that the sector has submitted several upstream and downstream recommendations to be considered and implemented. Also considered is the Space Bill. Looking ahead, he remarked, India is developing a prosperous space sector.
The Netherlands and India are enhanced bilateral co-operation in the application of space technology in areas such as air quality and climate control, water- and farm-based land observation, miniaturisation and development of nano-satellites and manufacturing of components and sub-systems, Nico van Putten, Deputy Director of the Netherlands Space Office (NSO).
Anthony Murfett, Deputy Head, Australia Space Agency, applauded India for its milestone Gaganyaan Programme: "The spatial technology and applications enterprises Australian-Indian in close partnership can be achieved with a large scope." He said that Australia's government intends to double its space industry's size from 4 billion dollars AD to 12 billion dollars AD by 2030. The worldwide space business will reach $1 trillion by 2040. By 2040.
"Space missions are shifting towards a model driven by demand currently. Dr D. Radhakrishnan, Chairman and Managing Director of NewSpace India Limited claimed that this will also make investment prospects attractive for private enterprises" (NSIL). He stated that NSIL will play an important part in facilitating the transfer of technology to the private sector in connection with the space reforms implemented by the government of India.
She added that the presence of private companies on the commercial space service segments would provide the industry as a whole with a great deal of momentum, which in turn would make a considerable amount of contribution to the domestic GDP, as stated by the President of the CII National Space Committee and CMD. (Science Wire of India)