National Conference on Space Start-up Ecosystem Development
On June 24, 2022, the Union Minister of State for Skill Development & Entrepreneurship, Rajeev Chandrasekhar inaugurated a National Conference on “development of Space Start-up Ecosystem” in India.
- Development of Space Start-up Ecosystem was held in Bengaluru.
- It was organised by Astronautical Society of India in collaboration with Indian Space Research Organisation, Indian National Space Promotion & Authorisation Centre, New Space India Limited, and Defence Research and Development Organisation.
NewSpace India Limited (NSIL)
NSIL is a Public Sector Undertaking (PSU) and commercial arm of ISRO. It was established on March 6, 2019 in accordance with Company Act 2013. It works under the administrative control of Department of Space (DoS). Primary objective of NSIL is to boost industry participation in Indian space programmes.
Indian National Space Promotion & Authorisation Centre (INSPACe)
IN–SPACe is a single-window autonomous agency, working under Department of Space. It acts as a regulator and facilitator of space activities in India. Establishment of IN–SPACe was announced in June 2020. The centre will act as a link between ISRO and private sector companies. It will help in assessing “how to increase speed-based activities and utilise India’s space resources” in best manner. It will evaluate demands of private sector companies as well as educational institutes.
Who is the head of IN-SPACe?
Pawan Kumar Goenka is the chairman of Indian National Space Promotion and Authorization Centre (IN-SPACe).
Investments in Indian Space Ecosystem
India witnessed a lukewarm start in terms of investments in Space sector, until 2021. Cumulative investment stood at USD 100 million until 2021. However, investment in this sector has been increasing. Four companies have investments of over USD 10 million, in 2022 alone. India witnessed investments of worth USD 146.83 million since 2016.
Space Start-ups in India
According to a report by Space Tech Analytics, there were 368 space start-ups in India, in May 2021.
Month: Current Affairs - June, 2022
Category: Summits and Conferences
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