In the light of recent up-comings , the Indian Government has opened its doors on privatization of space sectors and its liberalization , thereby laying the road for private companies to take up Research & Development.
Glimpse of the Gist
- Need of space race
- Ultimate solution-Privatization
- Benefits of space privatization
- Costs of privatizing space
Amidst all times, now, during the effect of COVID-19 pandemic and others, the Government’s view on privatization has strengthened . In order to buffer the Indian economy from losses, the Government has to leap forward to be a co-partner and build a PPP [Public Private Partnership] with the private industries for future space explorations.
NEED OF SPACE RACE
Space has become the Next Investment Frontier. Though, India has already displayed its prowess as a space veteran making the world realize that India is a fireball to reckon with , in the field of space technology. But growth is always accelerating and in order to keep in pace with the world, the Indian Space industry must boom by commercializing, thereby expanding its capacity and ramping its capability.
Outer space is the next nest for humans. India, being one of the space-faring nations can become a future global leader in space industry. The need to bloom in this field is rising everyday and to hail as a new major space player, Privatization-the new sensible division of labor could be the solution.
PRIVATIZATION & ITS NEED
Till date , Government has played its monopoly on all space activities but, privatization is a nod to mark the beginning of the end of its monopoly.Privatization is the new global trend and it could open up anew page in the Indian space history .
Despite the problems of hunger, poverty, illiteracy , diseases & natural calamities, space exploration to the next level must be seriously promotes ad we are really running out of resources in such a way that there is a lurking question to our tomorrow’s existence. It is a recurrent theme today- The Collapse of Civilization.
But, we should not stop at this threat. We, Indians are explorers and our growth story is not without challenges. Space privatization plays a crucial role to herald a new era and create a vibrant Indian space market . Now, there is no slowdown. Many developing countries across the globe ship themselves towards space privatization bandwagon .Its high time we bolster ourselves by teaming up with private space industries and cater the heightened expectations.
BENEFITS OF PRIVATIZING SPACE
Looking into the beneficiary sides of space PPP, we can accelerate our flight technologies and increase number of launches, with each launch being cost-effective. Increases competition for innovation and hence a faster growth with promising quality and better customer satisfaction. The main factor is that it improves tax receipts and the economic growth.
COSTS OF SPACE PRIVATIZATION
It can be said as an overly optimistic picture as many PPP have failed by over promising and under delivering. An overemphasis on account profitability can bias decisions and by using its profit making cum corporate strategies, make services unaffordable to large masses can happen.
As ‘Every coin has two sides’,there are evidences on both sides of privatization .
We mus not look into privatization as an issue and a matter of ownership between private and public, but view it in a larger context. We can record-break our own history, by setting up a joint venture and even trying to rope up with academic institutions. Let’s get it done.
We could turn as a paradigm of collaborative PPP , by reckoning, building and nurturing private companies. Our objective is not to hand over space exploration on a whole, but to expand its utilization .
To make our space industry move forward swiftly and vigorously, privatization comes hand in hand. But , we must move it in a more organized and cost-effective way and set a strong and powerful regime.
Though privatization can produce a panoply of significant improvements, It is a Double edged sword. History is replete with stories of people doing unthinkable , risking everything in the pursuit of the next frontier. We all must go all in.