The Indian Space Research Organisation (ISRO) on Friday introduced its newly drafted 'National Space Transportation Policy' that allows domestic private corporations to set up and operate their own launch sites and pads. The policy was drafted by ISRO's Department of Space. As per the new policy, private entities will gain access to space, technological scientific resources, and even data if needed for their space ventures.

This comes after the Centre last year approved the Indian National Space Promotion and Authorization Centre (IN-SPACE) which allows the contribution of private entities in India's space programmes. The purpose of this programme was to enhance private participation in the country's space missions.

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The new policy also states that any Indian company willing to set up their own launch sites outside the country or carrying out launches from outside the country will need authorisation from IN-SPACe (Indian National Space Promotion and Authorization Center), an independent body under the department of space, recently created to oversee the opening up of the space sector.

Currently, India has only one space launch pad, the Satish Dhawan Space Centre at Sriharikota that operates under ISRO while the second spaceport is in the making at Tamil Nadu’s Toothukudi.

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As far as the global space industry is concerned, it has grown to a massive $350 billion market as many private players entered the sector.

Some media reports suggest that over 2500 small satellities will be launched in the space by 2022.