G20 Space Economy Leaders Meeting 2023

G20 Space Economy Leaders Meeting: G20 Space Economy Leaders Meeting 2023 is being organized as part of India’s G20 presidency. G20 Space Economy Leaders Meeting 2023 is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 3- Science and Technology).

G20 Space Economy Leaders Meeting in News

Recently, Dr. Jitendra Singh, the Union Minister of State for Science and Technology addressed the opening session of the G20 Space Economy Leaders Meeting. At G20 Space Economy Leaders Meeting 2023, he emphasized that India is on its way to becoming a significant player in the space economy.

G20 Space Economy Leaders Meeting 2023

The Department of Space, a division of the Government of India, is hosting the G20 Space Economy Leaders Meeting as part of India’s G20 presidency.

• Participation: Diplomats, heads of national space agencies and the space industries from G20 and guest countries are participating in the G20 Space Economy Leaders Meeting 2023.
• Objective: The G20 Space Economy Leaders’ summit aims to advance the space sector to new heights by promoting collective and collaborative efforts, with a focus on creating alliances among nations to maximize public benefits.
• Venue: G20 Space Economy Leaders Meeting 2023 has been organized at Bengaluru, Karnataka.
• Significance: G20 Space Economy Leaders Meeting 2023 is expected to establish space as a formal topic for discussion in future G20 meetings.

India’s Space Sector Reforms, Promoting Private Sector Participation

India has developed end-to-end capabilities in the space sector, placing it among a select group of countries. Space technology has now permeated every aspect of life, leading to a significant demand for space-based services with enormous commercial potential.

• Indian government opened up the space sector for the Indian private industry through the 2020 Space Sector reforms. This was to enhance their participation in end-to-end space activities with hand holding of ISRO.
• The purpose of the space sector reforms is to enable private industries to participate as partners in India’s space endeavors by allowing them to undertake independent end-to-end space activities.
• This increased participation by the private industry will eventually lead to India making a greater contribution to the global space economy.

IN-SPACe Agency

To promote and authorize private industry participation, the Indian National Space Promotion and Authorization Center (IN-SPACe) has been established as a nodal entity.

• The Indian space industry has responded positively to the establishment of IN-SPACe.
• Notably, in November of last year, the first privately constructed sounding rocket was launched, and a space start-up established a launch pad within ISRO’s launch complex.
• Additionally, several start-ups have built and launched satellites.

India’s G20 Presidency 2023

G20 Presidency: India assumed, for the first time, the Group of 20 (G20) year-long presidency from December 1, 2022 to November 30, 2023. India’s G20 Presidency will culminate with the G20 Summit in India in 2023 (G20 2023 Summit).

• G20 Presidency 2023: India inherited the G20 Presidency for the year 2023 from Indonesia which was the previous G20 Chair.
• Significance: The G20 Presidency offers a unique opportunity to India to contribute to the global agenda on pressing issues of international importance.
  • During its G20 presidency, India will hold about 200 meetings in 32 different sectors in multiple locations across the country.
• G20 theme: India’s G20 Presidency Theme is “Vasudhaiva Kutumba-kam” or “One Earth One Family One Future”.
• G20 Logo: The symbol of the lotus in the G20 logo is a representation of hope in this time. No matter how adverse the circumstances, the lotus still blooms.
  • Shared prosperity that reaches the last person at the last mile. This is why, in the G20 logo, the Earth is placed on a lotus too.

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