IN-SPACe chairman Pawan Goenka sets targets for share in global space economy

IN-SPACe chairman designate Pawan Goenka has said that in his new role, he is looking to set targets, define strategies, and monitor India's share of the $440 billion global space economy. He also added that India's share in the global space economy is less than 2% and this needs to be changed.

Bengaluru: IN-SPACe chairman designate Pawan Goenka has said that in his new role, he is looking to set targets, define strategies, and monitor India's share of the $440 billion global space economy. He also added that India's share in the global space economy is less than 2% and this needs to be changed.

Speaking at the inaugural session of the International Space conference organised by CII, investments in new space companies in India is just about $21 million, which is less than half a per cent of the global investments in space tech companies, Goenka said. He further added that while regulatory framework and policy will work as facilitators, India will need the private sector to make big bets and take risks to push the frontiers , he added.

ISRO chairman Dr K Sivan said, internationally, collaboration is increasing in the sector and space can no longer be confined to government efforts in India. "I am glad that the industry, both big and small, are ready to support the efforts to create new space. The Department of Space wants startups as the new industry partners and we'll enable them to go global,"

Dr Sivan added that also adding partnerships are necessary for sustaining the space sector which is highly capital intensive and complex and pointed out how the Department of Space, through its policies, sharing of infrastructure and technology among other things, is working towards enabling the same.

The International Space conference is being conducted virtually due to the Covid-19 virus scare, over 65 exhibitors including startups and universities from Australia and Netherlands have joined and is seeking collaboration with Indian Space programs. Apart from this, participation from eight countries, including Canada, Malaysia, Singapore, Israel, the UK, and the USA is seen. Australia is the partner country and the Netherlands is the guest country in this International Space conference.