200 times increase in Space StartUps in just two years
- There has been around 200 times increase in Space StartUps in just two years,
- This quantum jump has been possible because of a major policy decision taken by the Prime Minister to open up the Space sector to the private sector and allow public-private participation in a big way, said the Minister.
Highlights:
- Space StartUps have increased from 1 in 2022 to nearly 200 in 2024, witnessing an unprecedented rise of 200 times in these years.
- In the year 2023 alone, nearly INR 1000 crore was invested in the space sector of India.
- Further, the industry caters to nearly 450 MSMEs affirming the PM’s vision of “Sabka Prayas” during the Amrit kaal period.
- The share of India in the global space economy by 2030 is going to rise 4 times in comparison to 2021.
- In 2021, the Indian space industry contributed 2% to global share. This is expected to rise to 8% by 2030 and further to 15% by the year 2047.
- Presently India allows 100% FDI in the space sector thereby unleashing new horizons of innovation and growth to the sector.
- The private sector can offer new solutions to development of advanced small satellites, geospatial technologies, orbital transfer vehicles and so forth.
- About the Transfer of Technology (ToT) by ISRO to the private players. So far, there are 403 such transfers and additional 50 by NSIL/INSPACE till 2023.
- The next 100 days plans of ISRO and its scheduled launches, includes the NISAR programme which is a joint Earth-observing mission between NASA and the ISRO.
- Other programs in the list contain GSAT-20, Landing exercise of reusable launch vehicle, Space docking experiment etc.
- The science and technology minister also recognized the role that private players will play in the R&D part of the space sector.
Prelims Takeaway
- ISRO
- NSIL