One of the biggest challenges that the international politico-legal community faces today is to develop and nurture a coherent, cohesive and uniform set of legal principles governing the human usage of the outer space. While air and aviation law and matters related thereto are often subjected to the sovereignty of the underlying state, the domain of space law is not susceptible to exercise of such sovereignty. The activities surrounding air transport and passage have given birth to one of the most thriving industries in the modern world. By bringing the world closer together, it has also given international cooperation and economic exchange a new fillip. Today, air law encompasses a range of disciplines, and includes within its scope issues relating to environmental protection, safety standards including travel and transport safety protocols, product liability, carrier liability, insurance, aerial navigation, security measures, financing avenues and guidelines and many others. When it comes to the outer space, India stands today as one of the major global space powers to reckon with, particularly following its success with the Chandrayaan and Mangalyaan missions. With the space sector being sought to be liberalized, the private participation and commercialization of space technology are on card for the immediate future. Along with such progress has arisen the need to examine crucial matters such as adherence to the principles enshrined in the various international space treaties, legal complexities associated with launching services in space transportation, usage of satellites for remote sensing, telecommunication and navigational purposes, national security concerns, property (real and intellectual) rights in outer space, technology transfer, space tourism and so on. In both of these disciplines, humankind is at the threshold of a new age of wonders, with rapid technological progress bringing forth new horizons to explore every single day. The respective legal regimes governing these fields therefore must keep pace with such growth, which necessitates focused research and examination in related lines.