The new Indian National Space Promotion and Authorisation Centre (IN-SPACe), which is expected to be functional within six months, will assess the needs and demands of private players, including educational and research institutions, and, explore ways to accommodate these requirements in consultation with ISRO. Existing ISRO infrastructure, both ground- and space-based, scientific and technical resources, and even data are planned to be made accessible to interested parties to enable them to carry out their space-related activities.
- Indian industry had a barely three per cent share in a rapidly growing global space economy which was already worth at least $360 billion. With IN-Space government is expecting increase in market share.
- Encouraging Private investment in Space industry.
- Technology upgradation , creation of human resource, employment generation.
- Revenue generation
- greater dissemination of space technologies, better utilisation of space resources, and increased requirement of space-based services.
- The private industry will also free up ISRO to concentrate on science, research and development, interplanetary exploration and strategic launches.