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 way for private launches in 2020, the number of space startups...
India's Geosynchronous Satellite Launch Vehicle Mk III-M1 blasts off carrying Chandrayaan-2, from the Satish Dhawan Space Centre at Sriharikota, India on July 22, 2019.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 US$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. There are challenges, however. The country accounts for just two per cent of the space sector's global revenue, estimated at $370 billion in 2020. Funding has only trickled in, as customers want to see successful launches before committing costly payloads to unproven designs.
The Indian Space Research Organisation manages all of the country's launch infrastructure, although Agnikul is planning its own launchpad. "The prime minister's aim is to do with space what we have done with IT," said one of the people, who declined to be named because the call and ensuing meetings were private.
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