NEW DELHI: The space policy will likely be unveiled soon, and companies looking to get into the sector should take a longer-term view, the Indian National Space Promotion and Authorization Center of In space chairman Pawan K Goenka said Tuesday.
“The (policy) can happen at any time. Almost all the detailing is almost ready and waiting for the final policy. It will facilitate technology transfer, with the help of Isro infrastructure and advice. The upcoming policy will open the sector for investment,” the top official said.
Goenka spoke at the inauguration of the Indian Space Association (is P) office in the United Service Institution of India (USI) building in New Delhi.
The center is expected to roll out the long-awaited space policy to ensure the participation of private sector companies with the aim of attracting foreign investment, boosting the economy and creating new employment opportunities in the country.
The draft policy, unveiled in 2020, calls for greater participation by private companies. However, the final policy will require a wink from the cabinet before it takes effect.
“My appeal to everyone currently entering our market is to take a long-term view and see what we want to achieve,” he said, adding that the industry players and the new startups would support the exciting space sector.
The space sector is on the brink of a major revolution, the official said, adding that space offerings need to become more competitive, along with strong expertise comparable to the global space economy.”
“Just 2% is expected to grow the industry by 25%,” said Jayant Patil, president of the Indian Space Association (Ispa), adding that Ispa’s goal is to establish its National Advisory Committee. the expertise to provide strategic direction in policy shaping, regulation and building an ecosystem in public-private partnership in the Indian space industry.
Last year, Prime Minister Narendra Modi launched the Indian Space Association (ISPA), a trade association of aerospace and satellite companies, including OneWeb and Tata’s Nelco.