India's Space and Nuclear Power Reforms: A New Era for Private Sector Involvement

In a surprising shift, India's government has opened the gates for private sector involvement in strategic fields such as space and nuclear power, according to Science and Technology Minister Jitendra Singh. This move has prompted a wave of interest from over 350 startups within the space industry.

Addressing the India Mobile Congress, Minister Singh remarked on the unexpected urgency from the government in unleashing these reforms, which have dismantled long-standing state monopolies and encouraged private innovation through the establishment of New Space India Limited (NSIL) and Indian National Space Promotion and Authorisation Centre (IN-SPACe).

This reformative phase has underscored India's burgeoning space economy, valued at USD 8.4 billion in 2022, and its trajectory towards a fivefold increase over the next decade. With this expansion, India is set to emerge as a global leader in space technology, thanks to cost-effective missions and expanding private partnerships.

(With inputs from agencies.)