Through a series of mega launches of satellite and rocket spheres in the last few decades, India has established its credibility as a key player in the international space industry. From communications satellites such as Indian National Satellite System (INSAT), and earth observation satellites like the Cartosat series to setting up its own navigation system, IRNSS, India has made major contributions to the global space industry. However, until 2020, the Indian space sector was limited to the Indian Space Research Organisation or ISRO, the space agency of the Indian government’s Department of Space. Entry of private players from 2020 onwards opened the space market to more resources and better infrastructure. In spite of this, the Indian space market comprises just about two per cent or $7 billion of the global space market. A large share of the operations is still limited to ISRO which has severely limited the growth potential of the sector, especially when it comes to the international market.
The recently approved Indian Space Policy 2023 is likely to further open doors and expand the contours of the Indian space industry. The policy seeks to institutionalise private sector participation leaving the research and development of advanced space technologies to ISRO.