(MENAFN- KNN India)
New Delhi, Nov 19 (KNN) India's space sector is experiencing a remarkable transformation following the opening of its doors to private players four years ago.
Since then, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) has emerged as the central agency responsible for fostering, authorising, and overseeing private sector space activities.
As of November 1, IN-SPACe has received a staggering 577 applications from 383 entities, largely driven by private companies eager to enter the space race.
Pawan Goenka, Chairman of IN-SPACe, highlighted the substantial rise in interest, noting that applications span a variety of space-related activities, ranging from satellite construction to deep space exploration.
“We have about 570 applications so far, covering a diverse range of space sectors,” Goenka remarked in an exclusive interview with Fortune India.
A breakdown reveals that 176 applications are focused on satellite construction, while 110 pertain to space applications, including Earth observation, navigation, and communication services.
Other applications span categories such as launch vehicles, ground segments, design labs, payloads, and more.
The growing interest in India's space sector is evident not only in the variety of applicants but also in their composition. The 577 applications have come from 168 startups, 92 large industries, 69 MSMEs, and 37 academic institutions.
The number of space startups has skyrocketed from just 20 three years ago to an impressive 250 today, a trend Goenka attributes to increased opportunities for innovation and the sector's vast potential.
IN-SPACe's digital platform, a key tool in streamlining space sector activities, has also witnessed significant engagement, with over 5,666 registered users, including 1,151 academic users.
Startups make up a large portion of the platform's user base, underscoring the growing involvement of new companies in space activities.
The Indian government's decision to establish IN-SPACe in 2020, as part of broader space sector reforms, has played a pivotal role in creating a more conducive environment for private sector participation.
This initiative is complemented by the recently approved Rs 1,000 crore Venture Capital Fund aimed at fostering innovation within space startups.
As India positions itself as a global player in the space arena, the rapid surge in private sector participation signals a new era of collaboration, innovation, and growth, offering promising opportunities for businesses, academia, and entrepreneurs alike. With IN-SPACe at the helm, India's space sector is poised for a vibrant and dynamic future.
(KNN Bureau)
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