India’s Space Sector
- Principal Scientific Adviser Ajay Kumar Sood stated that the government would soon come up with a new space policy to increase private sector participation in the industry.
Significance of the Space Sector:
- The space sector can hugely contribute to bolster connectivity and combat climate-related implications.
- Long-term trends in the climate and habitability of a region can be done by the satellites more precisely and information on weather forecasts can be recorded.
- For instance, by monitoring the long-term impact of climate change at regional, territorial, and national scales, governments would be able to devise more pragmatic and combative plans of action for farmers and dependent industries.
- Additionally, they can also serve as real-time monitoring and early-warning solutions against natural disasters such as earthquakes, tsunamis, floods, wildfires, mining etc.
Boost to Connectivity:
- The space sector can address the issue of reaching more remote areas where conventional networks would require a heavy complimenting infrastructure.
- According to a report by the World Economic Forum 49% of the world’s unconnected population can be connected through satellite communication.
- So, in this context, it is important to understand that the private sector investment to the space sector can boost the telecommunication services.
Boost to Sectors Associated:
- As space industry is a collaboration of aerospace, IT hardware and telecom sectors, it will help boost of the associated sectors.
- So, increase in the investments in the space sector will have carryover effects on other sectors as well.
- Apart from this, it will help boost research and development in all the above-mentioned sectors.
India in the Global Space Industry:
- US stands first in the space sector accounting to 56.4% of all the space tech companies around the world.
- Other significant stakeholders include U.K. (6.5%), Canada (5.3%), China (4.7%) and Germany (4.1%).
- India which is also a key player in the space sector stands at the sixth spot in terms of world’s space-tech companies.
- It is estimated that Indian Space Industry is valued at somewhere around $7 billion in 2019 and it is projected that it would reach $50 billion by 2024.
- The unique feature of the Indian space sector is the cost effectiveness of its projects, one such example is the Mars orbiter mission which was completed at a cost of $75 million which was significantly when compared to the western space industries.
Source The Hindu
For more updates, Click Here