06 March 2024 – private investments in India’s space sector startups have exceeded one billion rupees (US$12 million) in the first nine months of the current financial year, according to Dr. Jitendra Singh, the Indian Minister for Space, Science, Technology, and Atomic Energy. This surge in funding marks a significant milestone for the country, with 200 private sector startups now actively contributing to India’s space industry, showcasing substantial growth compared to just a handful five years ago. Dr. Singh made these remarks during the inauguration of the Technical Centre of IN-SPACe in Ahmedabad, a pivotal institution supporting private sector engagement in space activities.
Minister’s Statements:
Dr. Jitendra Singh highlighted India’s achievements in space endeavors, noting that the country has earned $174 million by successfully launching 424 foreign satellites. The Minister emphasized the remarkable growth in scale and speed, underscoring the significant progress achieved in the space sector.
The Ministry of Commerce and Industry formally announced a liberalized foreign direct investment policy for the space sector. This development, which comes into effect following a cabinet decision in February, allows foreign countries and overseas entities to make 100 percent direct investments in manufacturing components, systems, or sub-systems for satellites in India without official approval.
Impact and Conclusion:
The surge in private investments and the liberalized foreign direct investment policy signal a robust and dynamic era for India’s space industry. With 200 private sector startups actively contributing to the sector’s growth, the country is experiencing a transformative phase in space technology. Dr. Jitendra Singh highlighted the tangible impact of space technology on everyday life, ranging from disaster management and railway operations to smart cities, agriculture, water mapping, telemedicine, and robotic surgery. As India continues to make strides in space exploration and collaboration, the growth in private sector participation is poised to play a pivotal role in shaping the future of the country’s space endeavors.
