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More than 300 Indian entities have sent 440 applications to the Indian National Space Promotion and Authorisation Centre (IN-SPACe) for assistance in the space sector as of January 2024, according to the Economic Survey 2023-24 report released July 22, 2024.
Applications from Indian firms sought authorisation, handholding, facility support and consultancy, technology transfer and facility usage in the space sector from IN-SPACe.
IN-SPACe is an autonomous agency in the Department of Space (DOS), which was formed following the space sector reforms in 2020 to enable and facilitate the participation of private players.
As of January 1, 2024, various non-governmental entities have signed as many as 51 memorandum of understanding (MoU) and 34 joint project implementation plans to assist them in carrying out space activities.
The Economic Survey highlights that several entities in the private sector have developed satellites and functional payloads for operations in outer space. These include PixxelSpace, Digantara, Dhruva Space, Azista BST Aerospace and Tata Advanced Systems Limited.
In 2022, Hyderabad-based Skyroot Aerospace Pvt Ltd became the first Indian private player to launch its rocket Vikram-S, a suborbital launch vehicle.
In 2024, Chennai-based Agnikul Cosmos Pvt Ltd launched the world’s first rocket with a fully 3D-printed engine rocket from the country’s first private launch pad called ‘Dhanush’ established by the company in Sriharikota.
The Indian public sector aerospace and defense company, Hindustan Aeronautics Ltd, along with Larsen & Toubro, have been selected as the Indian industry partner for the end-to-end production of five launch vehicles, the Polar Satellite Launch Vehicles (PSLV). The PSLV or 'the Workhorse of Indian Space Research Organisation (ISRO)’ has consistently delivered various satellites to low Earth orbits. So far, ISRO has launched 60 PSLVs.
The Economic Survey also noted that small satellite launch vehicle technology has been initiated.
On June 20, 2024, Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, noted that the number of space startups in India skyrocketed to nearly 200 in 2024 from just one in 2022, in just about two years. He attributed this growth to the reform of the space sector.
India’s space economy stands at $8 billion, contributing to around 2-3 per cent of the global space economy. The government expects it to reach $100 billion by 2040.
Further, the Economic Survey also reported that India has 55 active space assets that include 18 communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites and 20 Earth Observation satellites.
ISRO has added two more launch vehicles to its fleet such as Launch Vehicle Mark-3 and the Small Satellite Launch Vehicle, in addition to the already existing ones such as PSLV and Geosynchronous Satellite Launch Vehicle.