India’s private space industry has seen significant growth in the past decade
In a transformative move, India has witnessed a massive surge in space startups, from just one in 2012 to close to 200 today. Under the leadership of Prime Minister Narendra Modi, the government has opened up the space sector, leading to a potential $100 billion market in the future.
Private space startups in India have raised nearly $233 million in funding over the last decade, with some notable companies like Pixxel, Skyroot Aerospace, Agnikul Cosmos, and Astrome Technologies making significant strides in the industry. The opening up of the sector to Public-Private Partnership and the establishment of IN-SPACe have played crucial roles in this growth.
The recent approval of 100% FDI in satellite operations is expected to bring in foreign investments of up to $25 billion and foster collaborations between Indian and foreign companies. With a budget allocation increase of over 140% in the last nine years, India aims to become a key player in the global space economy.
Prime Minister Modi has set ambitious goals for the Indian space sector, including a space station by 2035 and a manned moon mission by 2040. With Chandrayaan-3 making history by landing on the South Pole of the Moon, India has solidified its position as a key player in the global space race.
Notable for its use of low-cost “frugal engineering technology,” India has set itself apart from other spacefaring nations. With plans for the Gaganyaan mission in 2025 and a timeline to send the first Indian to the moon by 2040, ISRO is spearheading India’s journey into space exploration and research.
