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The Silicon Review Asia

India’s Space Policy 2022 set to be released soon, Insurance is a key concern

India’s Space Policy 2022 set to be released soon, Insurance is a key concern

The cost of launch vehicles and satellites will increase substantially

Department of Space is set to develop a new policy to facilitate greater entry of private firms into the space sector. However, there are industry concerns on how the private satellites or launch vehicles would be insured and whether the government would take a step in insuring the space assets created by private firms. The Space Policy 2022 will lay down the role of the private sector in satellite communication, remote sensing, and technology transfer. Serious deliberation on the aspect of Insurance is the need of the hour. The cost of launch vehicles and satellites will increase substantially if they are to be insured by private companies, making them non-viable.

Indian National Space Promotion and Authorization Centre (IN-SPACe) was created to act as a promoter of space activities carried out by the non-governmental and private entities along with New Space India Limited – the public sector undertaking of the Department of Space. The Economic Survey, 2021-22, states that there are currently 101 start-up companies, of which 47 entered the field in 2021 and 21 in 2020. With the participation of the private sector, the Indian space sector is expected to capture a larger share of the global space economy, which is close to $447 billion in 2020.


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