Even The Sky Is Not The Limit Anymore

Public-private partnership in the space sector is helping the Indian space economy grow by leaps and bounds

- By Pawan Goenka

NOVEMBER 18, 2022, will forever be etched as a memorable day in the history of the Indian space sector thanks to the successful launch of Vikram-S-the first privately built rocket-by Skyroot Aerospace from the Indian Space Research Organisation's spaceport at Satish Dhawan Space Centre in Andhra Pradesh. The success of Mission Prarambh has ushered in a new era for the Indian space sector. It signifies a new dawn for public-private cooperation in enriching the sector.

Going back 50 years, it was the launch of India's first indigenous rocket, Rohini-75, on November 20, 1967, that marked a new start.

There has been no looking back since, thanks to the leadership of ISRO and the unwavering support of the government. Today, India is among the top few space-faring nations in the world.

However, we all know that despite being a major space-faring nation, India accounts for only about 2 per cent of the global space economy. This is about to change. With the liberalisation of the sector, new entrants from the private sector have already begun to gain global attention. The surge in space activities with the participation of private players is likely to push up India's ranking. The world is also looking at India as the next big destination in the sector.

Globally, there are going to be several opportunities across domains in the next 25 years. We are entering into a new era for the industry-from extra-terrestrial exploration to declining launch costs-the space sector is truly taking off for newer orbits. In this era, the opportunity for private industry is immense. Per a report from Morgan Stanley, the global space economy is expected to grow to $1 trillion by 2040.