Different types of space insurance products are available in India and are offered by Indian insurers in collaboration with global insurers, re-insurers, underwriters and brokers, allowing private entities the freedom to obtain appropriate cover for the activities they undertake. The Government encourages such entities to secure adequate insurance to address risks associated with high-value, capital-intensive space projects. Insurers and re-insurers worldwide commonly distribute risk among themselves for such complex ventures.

The Indian Space Research Organisation (ISRO) has established the ISRO System for Safe and Sustainable Space Operations Management (IS4OM) to concentrate efforts on spaceflight safety, debris mitigation and emerging challenges in a congested space environment. The move reflects recognition of the growing importance of space situational awareness for long-term sustainability. ISRO missions adhere to internationally accepted space debris mitigation guidelines recommended by the United Nations Committee on the Peaceful Uses of Outer Space and by the Inter-Agency Space Debris Coordination Committee (IADC) to the maximum possible extent.

ISRO contributes to the development of international recommendations as an active member of relevant agencies, including the International Academy of Astronautics (IAA), the International Organization for Standardization (ISO), the International Astronautical Federation (IAF) and the United Nations Long-term Sustainability Working Group. The Indian Space Policy places significant emphasis on debris mitigation requirements and on building capacity for space situational awareness. The Debris Free Space Mission initiative is being spearheaded by ISRO with the aim of achieving debris-free missions by all Indian governmental and non-governmental actors by 2030.

A draft policy framework and guidelines addressing the State's liability towards third-party damages arising from Indian space objects is undergoing consultations and envisages third-party liability insurance to be maintained by launch operators as a measure to cover risk and the State's international obligations. Different types of space insurance products are already offered to private and government entities to enable appropriate coverage. The Union Minister of State provided the information in a written reply to the Lok Sabha, outlining the Government's encouragement of insurance-based risk management for space activities.