There was just one Indian spacetech startup in 2014, but by 2023 there were 189, said Union Minister of Science and Technology Jitendra Singh.
Singh reported to the Parliament that investments in spacetech businesses have reached $124.7 million, citing data from the Department for Promotion of Industry and Internal Trade (DPIIT).
According to Dr. Jitendra Singh, the government has unveiled the Indian Space Policy 2023, allowing Non-Governmental Entities (NGEs) to fully participate in all space-related operations.
He stated that the following are additional significant developments and their effects as a result of incentives and reform in the space sector:
- A few NGEs began launching their own spacecraft. Building their own satellites and constellations is a common practice among many other space industries and startups. Applications in agriculture, disaster management, environmental monitoring, etc. will benefit from these satellites.
- A single NGE fired its suborbital rocket.
- An NGE created the first-ever private launchpad and Mission Control Centre on the ISRO site. That NGE is expected to launch into suborbital space shortly.
- Solutions for communication via satellite are being investigated by private businesses. Applications and services based in space are seeing an increase in participation from private entities.
- Private sector facilities for testing and integrating satellites are emerging.
- The commercial sector is taking up local manufacture of ground systems and satellite subsystems.
- Indian commercial space enterprises are progressively engaging in partnerships and cooperation with global space organisations and businesses.
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It is anticipated that the private sector will independently take up end-to-end solutions in the areas of producing launch vehicles, ground equipment, satellite services, and satellites.