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On 20 April 2023, the Indian Space Research Organization (ISRO) released the Indian Space Policy 2023 (Space Policy), which was reported to have received the nod of the Union Cabinet on 6 April 2023. The Space Policy has been issued subsequent to the reforms announced by the Government in space domain by opening doors for participation of non-governmental entities (NGEs) and enable a level-playing field. Accordingly, the Space Policy aims to set out a composite framework to implement these reforms and create a thriving space ecosystem.
The space sector has immense untapped potential and the Space Policy comes in at a timely juncture. It promises avenues for many private players to devise innovative service offerings, which have so far been in the Government’s domain. These encouraging and futuristic policy measures are expected to pave the way for prospective entrepreneurs in the space infrastructure market. The delineated roles and responsibilities of ISRO, IN-SPACe, NSIL, DOS etc., provides much needed regulatory clarity for the way forward. Pertinently, the Space Policy is also indicative of a new space law around the corner. It will be exciting to see what legal and regulatory changes may ensue and how the industry welcomes the new reforms.
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