Isro plans ways for insurance sector to render services in space domain

NEW DELHI: With the opening up of the Indian space sector for private players, Indian Space Research Organisation (Isro) is now looking at changes that will pave the way for the insurance sector to render services in the space domain.

Isro chairman K Sivan, during the inaugural virtual session of International Space Conference and Exhibition ‘Ushering the New Era in Indian Space Sector’ on Tuesday, said, “We are going to cover the entire gamut of space activities through policies. A comprehensive Space Act is required as well as different policies like launch vehicle and space exploration policies are in the pipeline. Also, the existing space policies like Satcom and remote sensing data policies are being amended for greater inclusivity and transparency. Proposed changes will also pave the way for the insurance sector to render services in the space domain as this is absolutely essential for satellite and launch services.”

Sivan said that “Department of Space is also working towards creating a formal system to support space sector startups and MSMEs in taking up innovation, research as well as product development This programme, he said, is conceived as “Space Entrepreneurship & Enterprise Development (SEED)”.

With the Union Cabinet on June 24 approving participation of the private sector in the entire range of space activities, he said the space industry, various stakeholders, entrepreneurs and investors are eagerly looking for new opportunities in space business, Sivan said till recently all space activities within India were carried out only by the space agency. “We know that the global space economy is on a growth trajectory and our domestic requirements are also growing multifold,” he said.

To meet these requirements, it is essential that the private sector must contribute a bigger share in the national space programme and also must have its own programme catering to both national and global requirements, he said.

“There was no regulatory body for private sector space activities, but now a formal mechanism has been put in place by unlocking the space sector. We envisage a scenario where the private sector will be a co-traveller in Isro's space mission, and private sector will also be empowered to carry out its own space missions," the Isro chairman said.

Source: The Times of India

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