Union Cabinet approves Indian Space Policy 2023

The Union Cabinet has approved the new Indian Space Policy 2023 to encourage growth of the industry.

The Indian Space Policy, 2023, which will outline the roles and responsibilities of organizations like ISRO, NewSpace India Ltd, and private sector entities, was adopted by the Union Cabinet on Thursday.

In order to encourage the growth of the industry, the government previously opened the space sector to the private sector.


According to Union Minister Jitendra Singh, “In brief, it will offer clarity in the role of the components put up (in the recent past).”

According to him, the policy will work to strengthen the Department of Space’s role, increase mission activity for the Indian Space Research Organisation (ISRO), and increase engagement from academia, startups, and the research community.

The policy will encourage the use of low-earth orbit (LEO) satellites, which are more affordable than traditional satellites, and will encourage the private sector to produce satellites for a variety of applications, including agriculture, healthcare, urban development, disaster management, etc. India makes around 2% to 3% of the $423 billion global space economy, which is estimated to be worth $423 billion. The government plans to take advantage of the sector’s full potential and anticipates having start-ups similar to SpaceX within the next two years.

The policy has already caught the interest of a number of startups, whose numbers in the space industry have risen from 4 in 2018 to over 250 in 2022. There are already more than 100 space start-ups in the nation, and they have raised more than $245.35 million in total funding.