The space economy, currently pegged to be worth USD 450 billion is expected to see rapid growth in coming years with more private players entering the field in addition to traditional space agencies run by governments

Industry bodies from India and Australia signed a Memorandum of Understanding (MoU) on Wednesday (February 7) aimed at furthering co-operation between space sectors of both the countries. The space economy, currently pegged to be worth USD 450 billion is expected to see rapid growth in coming years with more private players entering the field in addition to traditional space agencies run by governments.

The MoU is between the SATCOM Industry Association-India (SIA-India) and the Space Industry Association of Australia (SIAA). This has established a platform for the exchange of expertise and the formulation of best practices in critical areas of space and defence. The MoU was inked in the presence of the Indian Chief of Defence Staff General Anil Chauhan and the Australian High Commissioner to India, Philip Green.

"Recent developments between India and Australia in the space sector, including collaborative satellite projects, data sharing for weather monitoring, and joint research initiatives, showcase a promising era of partnership. Initiatives like Australia’s ISI fund, aimed at space sector partnerships, aligns with our shared vision," said Anil Prakash, Director General, SIA-India.