India is expected to unveil a new space policy which includes “SpaceX-like ventures" in the next two years, the country's principle scientific advisor to the government Ajay Kumar Sood said on Wednesday.
Speaking to Press Trust of India, the newly-appointed advisor advocated private participation in the space sector, indicating that more resources will be attributed to heavy satellite launches in the upcoming policy.
"We have not tapped the full potential of this sector. In 2022, the space sector is witnessing what the information technology sector experienced in the 1990s. We will have our own SpaceX in the next two years," Sood explained.
The 'New Space Policy' draft reportedly provides the blueprint of regulations and guidelines for private players, including a space transportation policy - which outlines the scope and permits for private industries to build rockets in India. Private-sector rocket construction is currently outlawed.
Similarly, guidelines on technology transfers from the Indian Space Research Organisation (ISRO) to private entities and foreign direct investment (FDI) is also included.
The space department has also drafted a Space Law, which will regulate the space industry.
"The space sector has great expectations, from start-ups and industries, to investment in space. The new space policy will help create a back-end strength in launch vehicles and satellites", Secretary of the Department of Space S. Somanath informed.
US billionaire Elon Musk’s aerospace firm SpaceX has become the world's leading private space exploration company, notching 19 rocket launches so far this year. In 2021, the company registered 31 launches.
India currently accounts for less than one percent of the global satellite launch market, given that it is yet to fully acquire the capacity to launch 4-ton+ communication satellite.
Euroconsult, an agency that provides space industry forecasting, anticipates almost a quintupling in satellite demand between 2020 and 2029, with an average of 1,250 satellites launched each year. It states that satellite navigation and communications account for 50% and 41%, respectively, of the total space market value of $337 billion.