October 24, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

PM to launch Indian Space Association, which aspires to be the voice of sector, on Monday

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PM to launch Indian Space Association, which aspires to be the voice of sector, on Monday
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PM to launch Indian Space Association, which aspires to be the voice of sector, on Monday
PM to launch Indian Space Association, which aspires to be the voice of sector, on Monday

NEW DELHI: Prime Minister Narendra Modi will launch Indian Space Association (ISpA), an industry body aspiring to be the voice of the country’s space sector, on Monday.
ISpA is a premier industry association of space and satellite companies that aspires to be the collective voice of the Indian space industry. It will undertake policy advocacy and engage with all stakeholders in the Indian space domain, including the government and its agencies. Echoing the PM’s vision of Aatmanirbhar Bharat, ISpA will help in making India self-reliant, technologically advanced and a leading player in the space arena, the PMO said.
ISpA is represented by leading home-grown and global corporations with advanced capabilities in space and satellite technologies. Its founding members include Larson & Toubro, Nelco (Tata Group), OneWeb, Bharti Airtel, Mapmyindia, Walchandnagar Industries and Ananth Technology Ltd. Other core members include Godrej, Hughes India, Azista-BST Aerospace Private Ltd, BEL, Centum Electronics and Maxar India. The PM will also interact with representatives of the space industry on the occasion.
The Indian space industry comprises more than 500 private suppliers and various bodies under the department of space. The private sector has been gaining a significant role since the 21st century, especially after the Modi government opened up the sector for private players and allowed them access to Isro’s assets, including its launch facilities.
In 2019, the space industry of India accounted for $7 billion or 2% of the global space industry and employed over 45,000 people. Antrix Corporation then expected the industry to grow up to $50 billion by 2024 if provided with appropriate policy support. Today, the value of the global space industry is estimated to be $350 billion and is likely to exceed $550 billion by 2025.

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