New space policy soon; India can have its own 'SpaceX-like ventures': Sood
- IBEF
- June 2, 2022
In order to increase private participation in the space sector even further, the government will soon unveil a new space policy that could lead to the rise of India's own "SpaceX-like ventures," said Mr. Ajay Kumar Sood, Principal Scientific Advisor.
In 2022, the space sector is witnessing what the information technology sector experienced in the 1990s, according to Mr. Sood.
A large number of satellites in low-Earth orbit (LEO) have the potential to transform the space sector. The government will encourage the private sector to manufacture satellites for a variety of applications ranging from healthcare, agriculture, urban development and property tax estimation.
According to industry estimates, the global space economy is worth US$ 423 billion, with India accounting for 2-3%. According to Morgan Stanley, the global space industry is expected to expand up to US$ 1 trillion by 2040.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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