Standard Operating Procedure for Inter-operable Regulatory Sandbox (IoRS)
Recently Reserve Bank of India (RBI) has announced Standard Operating Procedure (SOP) for Inter-operable Regulatory Sandbox (IoRS).
- This report has been prepared in collaboration with the Indian Space Association ISpA and Erst & Young.
- It emphasizes on developing a holistic space ecosystem in India.
- It describes the landscape of the space economy in India.
- In addition, its potential to accelerate the socio-economic development of the country has also been assessed.
Major findings of the report
- The Indian space economy is projected to reach $13 billion by the year 2025.
- During the year 2014 to the year 2019, the Indian Space Research Organization (ISRO) generated more than $167.5 million in revenue from the launch of satellites from 26 countries.
- India’s Space sector accounts for only 2% of the global space economy. However, with the participation of the private sector it can reach up to 8%.
Importance of private sector participation in space
- The increasing demand for space based applications and services can be met.
- ISRO can focus on strategic objectives.
- The private sector will infuse innovation to develop space-based affordable applications and services.
Concerns related to private sector participation in space:
- The number of approvals is high and the process is also unclear.
- Clear, specific and predictable regulations are lacking.
- Conflict of interest exists as ISRO plays both regulatory and operator roles.
Steps taken for Private Sector Participation in Space
- The Indian National Center for Space Promotion and Authority (INSPACE) has been established.
- The functions of New Space India Limited (NSIL) have been changed from ‘supply driven model’ to ‘demand driven model’.
- A new Indian Space Policy is being prepared to promote Ease of Doing Business in the space sector.
ISpA:
- In the year 2021 Indian Prime Minister launched the Indian Space Association (ISpA) through video conferencing. ISpA will act as a single window and independent agency on matters related to space technology.
- ISpA has been launched with the aim of integrating the Indian space industry. ISpA will be represented by leading domestic and global corporations that have advanced capabilities in space and satellite technologies.
Source – The Hindu
