BRICS Space Economy (Space & Defence Sectors)
BRICS Space Economy (Space & Defence Sectors)
Why In News:
During India's BRICS Chairship in 2026, Dr. Jitendra Singh, Minister of State (Independent Charge) for Science and Technology, pitched the idea of a 'BRICS Space Economy' as a multilateral cooperation framework.
BRICS and Space Cooperation
India holds the BRICS Chairship in 2026, hosting BRICS summits and working group meetings.
BRICS Space Economy concept would build on existing multilateral space frameworks like the UN Committee on the Peaceful Uses of Outer Space (COPUOS).
The proposal aims to leverage BRICS nations' collective space capabilities in earth observation, climate monitoring, disaster management, and satellite communications.
India's Space Economy
India's space sector was formally opened to private players in June 2020 through the amended Foreign Direct Investment (FDI) policy and the creation of IN-SPACe.
India ranks among the top 5 space economies globally as projected by Morgan Stanley's Space Economy Report.
New Space India Ltd (NSIL): The commercial arm of ISRO that undertakes technology transfer and commercialisation of space products.
What is IN-SPACe?
Full Form: Indian National Space Promotion and Authorisation Centre.
Established in June 2020 under the Department of Space (DoS), Government of India, following the Space Sector Reforms.
IN-SPACe acts as a single-window nodal agency to authorise, promote and regulate space activities by both Indian private entities and foreign entities in India.
It promotes Technology Transfer from ISRO to private industries and enables use of ISRO's infrastructure by private players.
Headquarters: Ahmedabad, Gujarat.