India Opens Up Space Sector to Boost Growth
GS-3 Mains : Economy
Short Notes or Revision Notes
Question : Discuss the significance of this policy shift in aligning with India’s goal to capture a larger share of the global space economy.
Government Announces Liberalized FDI Policy:
- 74% FDI allowed for satellite manufacturing and data products (automatic route).
- 49% FDI allowed for launch vehicles and spaceports.
- Up to 100% FDI allowed for manufacturing space components.
India’s Growing Space Program:
- Recent successes include Chandrayaan lunar mission and solar laboratory.
- ISRO plans to launch astronauts in 2024.
- Private companies like Skyroot Aerospace are emerging.
Policy Shift Towards Collaboration:
- Traditionally focused on self-reliance.
- New policy recognizes the need for collaboration in a capital and technology-intensive field.
Goal: Capture a Larger Share of the Global Space Economy:
- India’s current share: 2-3%.
- Government aims for over 10% by 2030.
- IN-SPACe estimates $22 billion investment needed in the next decade.
Space Policy 2021:
- Redefined ISRO’s role towards research and development.
- Recognized the private sector as a key player.
FDI Relaxation Benefits:
- Increased investment and technological know-how.
- Regulatory clarity for private spaceport development.
Balancing Act:
- Need for regulatory oversight for national security and welfare objectives.
- Importance of market freedom for growth.
Conclusion:
- ISRO-dominated space sector is evolving.
- Liberal FDI is the first step towards a balanced space economy.
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