Driving the new technology initiative, the Confederation of Indian Industry (CII) has teamed up with the Indian Space Research Organisation (ISRO), NewSpace India Limited (NSIL) and Antrix Corporation to discuss new technology at the International Space Conference and exhibition from September 13 to October 4, 2021.
The digital conference and exhibition, a part of the CII initiative, looks to strengthen the industry participation in the manufacturing of satellites, launch vehicles and using space applications in various sectors. The digital conference will discuss ‘Building NewSpace in India' at the event.
According to CII, the conference will comprise of digital interactions and virtual exhibition and will also highlight the initiatives taken by the Indian government (setting up of sectoral regulator Indian National Space Promotion and Authorisation Centre-INSPACe) and Indian space agency ISRO to encourage and engage domestic industry in the space sector and showcasing opportunities for Indian industry.
As per findings by consulting firm EuroConsult, the global space economy is pegged at $385 billion in 2020 and is expected to grow to $428 billion by 2028. This growth is enabled by growing demand for space-based services, lowering of costs, miniaturisation and access to technology, liberal funding and enabling regulations around the world.
India, currently having two per cent of share in the global space business, holds great promise as a destination for increased space commerce and also as a manufacturing hub.