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In Context
- A new space Bill — a legal framework for commercial use of space will soon be released.
More about the new bill
- The 2017 Bill:
- The previous Bill (of 2017) provides for imprisonment of up to three years and fine of over Rs 1 crore if
- any activity is undertaken without prior licensing,
- false information is furnished, or
- it pollutes earth, airspace, outer space or celestial bodies.
- Issues with the bill (2017):
- This bill was criticised for being a little harsh.
- Also, Imprisonment was a very major disincentive for the industry, so the government sought to remove it.
- The previous Bill (of 2017) provides for imprisonment of up to three years and fine of over Rs 1 crore if
- About the new bill:
- Leniency:
- It will do away with provisions for imprisonment.
- The bill will be lenient when it comes to criminal charges.
- Insurance mechanism:
- It will also create mechanisms for insurance damages.
- Significance of insurance:
- The cost of insurance (for space activities) is very high.
- Today, ISRO does not pay for it because it is a government commitment, but when a private player is there, they will need insurance.
- Leniency:
Potential of India’s space sector
- Recently, a joint report was prepared by EY and the Indian Space Association (ISpA).
- Report highlights:
- Indian space economy:
- The Indian space economy is set to reach $13 billion by 2025, according to this joint report.
- Space launch segment:
- The report also said the space launch segment would grow fastest at a CAGR of 13% spurred by growing private participation, latest technology adoption and low cost of launch services.
- Satellite services and application segment:
- This segment would form the largest share of the space economy accounting for 36% of the space economy by 2025, as per the study.
- On the country’s satellite manufacturing opportunity, it said in 2020 it was $2.1 billion and this would reach $3.2 billion by 2025.
- Also, by 2025, satellite manufacturing would be the second fastest-growing segment in the Indian space economy.
- Space tech start-ups:
- There are over 100 space tech start-ups in the country and investments in space tech start-ups increased 196% y-o-y in 2021, the survey said.
- Space parks:
- Space parks that are coming up across the country would give a fillip to companies operating across the space value chain, especially manufacturing, found the study.
- Indian space economy:
- Report highlights:
- India’s upcoming commercial launch:
- Marking the shift towards the private sector, India’s heaviest rocket, GSLV Mk III, will launch 36 satellites OneWeb global communication satellite constellation.
- This is the first commercial launch by the vehicle, so far having carried two ISRO communication satellites for two of its development flights and the Chandrayaan-2 for its first operational flight.
- Marking the shift towards the private sector, India’s heaviest rocket, GSLV Mk III, will launch 36 satellites OneWeb global communication satellite constellation.
Significance of the Space industry
- Assessing & recording weather information:
- Satellites provide more accurate information on weather forecasts.
- It can also assess (and record) long-term trends in the climate and habitability of a region.
- For example, by monitoring the long-term impact of climate change at regional, territorial, and national scales, governments would be able to devise more pragmatic and combative plans of action for farmers and dependent industries.
- Real-time tracking :
- Satellites can serve as real-time monitoring and early-warning solutions against natural disasters such as earthquakes, tsunamis, floods, wildfires, mining etc.
- Real-time tracking can also serve multiple purposes in defence.
- Communication and connectivity:
- As for connectivity, satellite communication can reach more remote areas where conventional networks would require heavy complimenting infrastructure.
- Additionally, as to the reliability, the World Economic Forum(WEF) stated that satellite communication can help connect 49% of the world’s unconnected population.
- In this light, it must be noted that satellite communications, which are used to facilitate telecommunication services, are among the major categories for investment in the space technology sector.
- Other prominent categories include spacecraft and equipment manufacturing.
- Benefits to other sectors:
- The space avenue is an integration of the aerospace, IT hardware and telecom sectors.
- It is thus argued that investment in this arena would foster positive carryover effects to other sectors as well.
About Indian Space Association (ISpA)
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Source: TH
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