Chennai: The Indian National Space Promotion and Authorisation Centre's (IN-SPACe) Chairman-designate Pawan Kumar Goenka on Monday said he will soon fix a target for Indian private players' share in the global space market and bring in corporate culture to achieve it.

He also said issuing the regulatory clearances for the private sector will be his priority.

IN-SPACe is the regulator for the private players in the Indian space sector and Goenka has been named as its Chairman.

In his address at the International Space Conference and Exhibition, organised by Confederation of Indian Industry (CII), on the theme 'Building NewSpace in India', Goenka said: "The global space sector market is about $440 billion and India's share is less than two per cent."

He said in the coming days he will fix the target for India's share in the global space market and work towards that.

Goenka, a former Managing Director of Mahindra & Mahindra Ltd said in the corporate world, a strategy would be defined, market share target will be fixed, and responsibility for achieving it will also be fixed. A similar model will be implemented for the private space sector.

In the coming days, Goenka said he would fix the target, define the timeline and the action plans to achieve the same.

According to him, the total investment by the private space start-ups is only $21 million while the opportunity for suppliers at the global level is large.

Citing products like lithium-ion batteries developed by Indian Space Research Organisation (ISRO), Goenka said he would look at spreading that technology amongst the automobile sector.

"More than 40 proposals from private space sector companies have come, which are being examined," Indian Space Research Organisation (ISRO) Chairman K.Sivan said.