G20 Space Economy Leader Meeting commences in India’s Aerospace hub Bengaluru | CPT PPP Coverage

In the coming decades, the global space economy is expected to more than double in size and breach the $1trillion mark. Although space technology has become more accessible and cost of access to space has come down a great deal, it must be remembered that only a few nations possess end-to-end space technology. This end-to-end capability involves the technological and industrial might to design, develop, manufacture and launch rockets and satellites indigenously and the technology to receive satellite data and use it for various national needs.

At this crucial juncture, India’s Government-run Department of Space is hosting the 4^th Edition of the G20 Space Economy Leaders Meeting (SELM) in Bengaluru, Southern India. 

“Today as the world faces multiple cascading crises, India’s G20 Presidency reminds us that we are one earth, one family one future.. We must unite as a global community in our journey across the final frontier… we gather here today to explore the vast potential of the space sector, the final frontier of human exploration and a driving force behind global economic growth…” said Amitabh Kant, India’s G20 Sherpa. 

The SELM brings together representations from 27 National space agencies, this includes Leaders from 18 G20 nations and 9 invited nations. The meeting is expected to focus on aspects to facilitate and foster increased International cooperation in the domain of space. While space technology was initially considered a Government-only domain, today private space firms and start-ups are making rapid strides in launching powerful re-usable rockets and building and launching satellites and processing satellite data. 

Also watch | Gravitas Plus: A new dawn for India’s space industry

Speaking about the overwhelming response for the in-person event in Bengaluru, Dr. S. Somanath, Chairman, ISRO said, “It’s an impeccable indication of growing importance of space technology products and services in propelling the global economy. The level of participation and significance of this event is growing since the first edition of this event, three years back”. 

Among the major discussions at SELM would be the increased scope for business relations between the private space industries, start-ups of the participating nations and exploring avenues of working together. Notably, after having permitted private industries to carry out end-to-end space activities(from 2020 onwards), India has seen more than 140 active and successful start-ups working in this sector. 

Speaking at the Inaugural session, Dr. Jitendra Singh, India’s Minister of State, Prime Minister’s Office, said that the space technology has pervaded all homes today. “Our challenges are common and therefore our effort also has to be common. Time has come to carry on our collaboration, bonhomie that we have developed via G20 from earth, to space” he added. 

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