The monograph attempts to bring out that governance of activities in space is at an inflection point. Space Law that was negotiated under the aegis of the United Nations against the background of Cold War has been successful in keeping outer space free from confrontation, until now. Although the Outer Space Treaty of 1967 alludes to use of space resources, the Moon Agreement of 1979 prohibits national appropriation of assets in space or on celestial bodies. However, countries that are not signatories to the Moon Agreement and some, including India, who are signatories, have enacted laws that permit use of space resources by entities supervised by their respective space agencies. Though the Space Law has left provisions for further negotiations with respect to use of space resources, no substantial progress has been made. The US, and its allies, and partners as members of the Artemis Accords, and China and Russia, and their partners as members of International Lunar Research Station (ILRS) are poised to return to the Moon, use resources on the Moon to prolong their presence on the Moon, lunar and cislunar space, proceed to Mars and beyond, to gain and sustain strategic advantage. This significant step for humankind is also coming at a crucial time on Earth, where we are witnessing a geopolitical upheaval due to the rise of China as the emerging power challenging the established world power, the US. Given this context there is a potential for confrontation at vantage points in space and on strategically significant places on the Moon. While the effort to establish a regulatory framework is in progress, the race has already begun. In this context India needs to act wisely and pursue its core national interests, steadfastly.