This research examines how the existing international space law regime responds to the rapid expansion of commercial, strategic and dual use activities in outer space. It analyses the constitutional role of the United Nations space treaties, especially the Outer Space Treaty, and shows how soft law, UN practice and domestic legislation now carry much of the regulatory burden in areas like resource utilisation, space security and sustainability. The paper evaluates the international liability and registration framework, highlighting its limits when confronted with mega constellations, complex contractual chains and debris intensive operations. It then interrogates debates on space mining, the interpretation of non appropriation and claims that outer space forms part of the global commons. Special attention is given to security and militarisation trends, including anti satellite testing and behaviour based security norms. Against this backdrop, the study critically maps India’s evolving policy architecture, centred on the Indian Space Policy 2023, and identifies the requirements for a coherent national space activities statute. The research argues that a balanced future framework must integrate clarified treaty interpretation, stronger global norms on sustainability and security, and detailed domestic regulation that can safeguard both national interests and the collective interests of humankind.