Opinion | India is in the second space age with one hand tied at the back

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Opinion | India is in the second space age with one hand tied at the back
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Last week, Lloyd’s of London launched a $25 million insurance facility for the private space industry.
The insurer estimates the current private space market to be worth $300 billion and expects it to grow to $1 trillion by 2040.
That is a lesson from history that is relevant to the space business today.
Luxembourg has followed the US in enacting a law that allows private investors to own the resources they bring back from space.
New Zealand is positioning itself as a location for private rocket launches.
China, too, has changed its rules to allow private commercial space activity.
In July, Beijing Interstellar Glory Space Technology Ltd became the first private company (with Chinese characteristics, of course) to launch two satellites into space using its own Hyperbola-1 rocket from a facility in the Gobi desert.
India has its share of space entrepreneurs, but the regulatory environment remains wedded to the old paradigm of a government-run space programme and the private industry that it nourishes.
While this allows India to take up exciting scientific missions, such as Chandrayaan, and participate in the heavy-lifting international business of putting satellites in orbit, it does little to unleash the energies and resources of the private sector.
India finds itself in the second space age with one hand tied behind its back.
While members of the space establishment felt that it would take time for us to achieve this, young entrepreneurs in the room claimed that their business plans could achieve it within a couple of years.
It is time for India to structurally separate the regulatory, commercial and scientific research elements of the space programme.
We need an independent regulator that governs both Isro and new space operators on a level playing field.
There are space activities that must be publicly funded, and there are other activities that can attract private investment

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