Policy Impetus for Space Entrepreneurship

Abstract

The global space industry has seen significant growth over the past decade. To ensure sustained development of commercial space exploration and scientific innovation, an environment conducive for space entrepreneurship becomes necessary. Start-ups such as SpaceX and Blue Origin have nurtured space entrepreneurship and demonstrated that it is a viable sector (presently generating over USD 5 trillion annually). Inspired by this, and motivated by a global space budget cut by governments, private participation has escalated, and this has resulted in the need for space laws. USA and China, who are the forerunners in the space race, have established space laws allowing space entrepreneurs to develop and implement their innovations. Though the Indian private space sector is nascent, start-ups such as TeamIndus, Earth2Orbit and Dhruva Space have registered interests in commercial space exploration. However, owing to archaic laws and a slow legislative process, space commercialization regulations have taken a back seat, impeding the growth of this sector. The Parliament continues to debate the Space Activities Bill (2017) which is filled with loopholes. This paper builds on policies of spacefaring nations as a foundation and calls for the formation of an inclusive national space policy that will promote space entrepreneurship.