Indian Cabinet approves Space Policy 2023 to boost spacetech startups
- ByStartupStory | April 8, 2023
The Indian Union cabinet has approved the Indian Space Policy 2023, aimed at enhancing the role of spacetech startups and private entities in the country’s space sector. The move comes as India’s spacetech startups are experiencing significant growth within the world’s third-largest startup ecosystem. The policy is expected to provide clarity on the role of each component in the space department, boost the activities of Indian Space Research Organisation (ISRO) missions, and encourage participation from research, academia, startups, and industry. This was announced by Minister for State for Science and Technology, Jitendra Singh, during a cabinet briefing.
The Indian Space Policy 2023 has defined the roles and responsibilities of organizations like the Indian Space Research Organisation (ISRO) and private entities, further boosting the growth of spacetech startups in India. The Indian government has taken several initiatives to encourage private-sector participation in the space industry, including launching the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in 2020 as a single-window nodal agency, and incorporating NewSpace India Limited (NSIL) in 2019 to facilitate public-private partnerships. These initiatives have spurred innovation in various spacetech sub-segments, such as rocket-building, satellite mapping, and more.
India has witnessed a surge in space technology startups in recent years, including Agnikul, Skyroot, Digantara, Pixxel, and SatSure, among others, attracting increasing investor attention. The Indian government’s data released in February 2023 shows that INR 175 Cr was generated from the export of launch services, data sales, in-orbit support services, and post-launch operations in 2021-22. As of February 8, IN-SPACe has received applications from 135 non-governmental entities (NGEs) in the space sector, said Minister for State for Science and Technology Jitendra Singh.
GalaxEye Space, a spacetech startup, aims to launch the world’s first multi-sensor satellite for earth observation and raised $3.5 Mn in a seed funding round in December 2022. Meanwhile, Pixxel has secured a five-year contract with a US defence agency to provide technical hyperspectral imagery. Indian spacetech startups are increasingly expanding globally. According to reports, the Indian space economy is expected to reach $600 Bn by 2025, with a growth rate of 6% CAGR between 2020 and 2025.
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