Private sector can boost India’s space programme: Modi

Prime Minister Narendra Modi on Friday called for higher participation of the private sector in the country’s space programme and increasing India’s contribution globally.

“Today, the global space industry is worth $400 billion and is set to touch $1 trillion by 2040. Our participation is just two per cent in this. We have to increase our share. The private sector has a big role to play here,” said Modi.

The PM was inaugurating the headquarters of Indian National Space Promotion and Authorisation Centre (IN-SPACE) in Ahmedabad.

Modi stated that IN-SPACE will act as a single window nodal agency to address the needs of the private sector in India’s space programme.

On the back of private entrepreneurs’ involvement in the sector, India has strong possibilities to emerge as a big player in “space tourism” and “space diplomacy,” said Modi.

Sectoral regulator for private players, IN-SPACE has been created to provide a level-playing field to private companies and start-ups in the space sector.

IN-SPACE will independently

“THE GLOBAL SPACE INDUSTRY IS WORTH $400 BILLION, WHICHISSETTOTOUCH $1TRILLIONBY2040.OUR (INDIA’S) PARTICIPATION IS JUST 2% IN THIS. WE HAVE TO INCREASE OUR SHARE” NARENDRA MODI, PM

make decisions on regulating space activities of the private sector, said IN-SPACE chairman Pawan Goenka.

Talking about the Centre’s role, ISRO chairman S Somanath said that applications and activities emerging out of the space programme are the highest source of revenue, followed by satellite making and launching vehicles.