Source: The post is based on the article “Private, unlimited” published in “Business Standard” on 29th June 2023.
Syllabus: GS 2 – Bilateral, regional and global groupings and agreements involving India.
News: Indo-US tech deals signed during Prime Minister Modi’s state visit to the US appear to primarily benefit the government sector, but they have also opened opportunities for the private sector.
How would Artemis Accords benefit India’s private sector?
Compared to the dominant presence of private American aerospace companies like Space X in the USD 360 billion global space economy, India’s share is hardly 2 percent.
The partnership has the potential to expand India’s space-military complex, much like NASA’s space missions facilitated the growth of a dynamic private sector ecosystem through technology and research and development exchanges.
In 2019, ISRO established a commercial subsidiary called Newspace India Ltd. to facilitate private participation in space-related activities. The collaborations under the Artemis Accords have the potential to take this initiative to a higher level.
How would Mineral Security Partnership benefit India’s private sector?
A Mumbai-based company has become the first Indian firm to set up a unit to produce critical battery parts for electric vehicles in the US under this treaty.
The project is expected to boost the supply chain for critical minerals. It will give India an advantage in developing an ecosystem for electric vehicle parts. This would also reduce domestic industry’s dependence on China.
The government should on these initiatives as they offer a chance of a high-tech leap for India’s manufacturing sector.