The Union Cabinet on April 6, 2023, approved the Indian Space Policy, 2023 under which roles and responsibilities of organizations such as ISRO, New Space India Limited (NSIL), and private sector entities have been laid down.
- India’s share in the global space economy (currently at less than 2%) will be increased to 10% in the future.
- Private Sector Participation: The policy seeks to institutionalize the private sector participation in the space sector, with ISRO focusing on research and development of advanced space technologies.
- Private Sector Infrastructure: The policy encourages the private sector to invest in creating new infrastructure for the sector.
Roles and Responsibilities
- ISRO: It will focus on developing new technologies, new systems, and research and development. It will not do any operational and production work for the space sector.
- PSU New Space India Limited (NSIL): It will carry out strategic activities related to the space sector and will work in a demand-driven mode. It is the commercial arm of ISRO
- INSPACE (announced in 2020; formally inaugurated in 2022): It will be the interface between the Indian Space Research Organisation and non-governmental entities.