BENGALURU : Encouraged by high-profile successes elsewhere, India wants its private space companies to increase their share of the global launch market by fivefold within the next decade - an effort boosted by the personal support of Prime Minister Narendra Modi.In the year after the country opened the wa
BENGALURU : Encouraged by high-profile successes elsewhere, India wants its private space companies to increase their share of the global launch market by fivefold within the next decade - an effort boosted by the personal support of Prime Minister Narendra Modi.
Investors poured $119 million into Indian space startups in 2022, up from a total of just $38 million in all the years up to 2017. They see a less-costly alternative to European launchers that are grounded or under development, as well as access to a bustling manufacturing hub, analysts say. Other startup founders say the new approach means approvals come easier, stakeholders are aligned with each other, and there are more private industry veterans in government helping the sector.
SpaceX, which serves private customers and governments, conducted more than 60 launches in 2022 alone. Kanchan Gupta, the Modi government's senior adviser at the Ministry of Information and Broadcasting, said that the country could not afford to lag behind in the space race, and that"everything cannot be done by the government alone".
ISRO will focus on exploration but still support private launch efforts, giving the country's space startups global legitimacy, industry executives said.
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