MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

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.

YOU MAY ALSO LIKE

Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

RECOMMENDED