NEW DELHI, Mar 12: The government has approved the production of more than 60 LVM-3 rockets with the help of the private sector and the launch of a constellation of earth observation satellites to create demand for the country’s nascent private space industry.
Addressing the Bharat Space Conclave at FICCI here, Indian National Space Promotion and Authorisation Centre (INSPACe) Chairman Pawan Kumar Goenka said the production of more than 60 LVM-3 rockets, used to launch heavy satellites, will take place over the next 12-14 years.
“We have approval to build 60-plus LVM-3 rockets, which will primarily be done with the help of the private sector. This will bring in about Rs 25,000 crore of business to the private sector,” Goenka said.
INSPACe has the mandate for promotion of the private space industry and also to authorise activities of non-government entities in the sector.
India opened up the space sector for private participation in 2020, leading to the emergence of nearly 250 start-ups in the past few years.
However, a concern often flagged by the industry is the lack of demand for space applications in the country, which could hamper growth in the sector.
Goenka said the government has also announced plans to set up a constellation of 52 surveillance satellites for defence, which will bring a business of Rs 25,000 crore to the private sector.
He said INSPACe was also working with multiple government departments for the use of earth observation data from satellites.
“In the next three years, we will have a significant amount of space applications’ demand flowing from the government side to the private sector,” Goenka said.
He said the Indian Space Research Organisation (ISRO) was also set to transfer technology, design and manufacturing rights of Small Satellite Launch Vehicles (SSLVs) to private players.
“After extensive deliberation, three companies were shortlisted, and we are in the final stages of selecting two. Once finalised, ISRO itself will no longer manufacture these rockets. The selected private firms will be the sole producers in India,” Goenka said.
A FICCI-EY report on ‘Unlocking India’s Space Economy – Pathways to Growth, Innovation and Global Leadership’ released at the conclave said the global space economy was projected to exceed USD 1.8 trillion by 2035, with commercial satellite services, deep-space exploration and space-based infrastructure driving expansion.
The report said that India has set an ambitious target to grow its space economy from USD 8.4 billion in 2022 to USD 44 billion by 2033, aiming to capture 8 per cent of the global market.
The report said the growth in the space sector is being fuelled by policy reforms, private sector participation and increased international collaboration, supported by the Indian Space Policy 2023 and institutions such as INSPACe and NSIL.
According to the report, a significant shift is underway, with India’s space sector evolving from a government-led model to a commercially driven and innovation-led ecosystem.
Satellite communication (SATCOM), projected to reach USD 14.8 billion by 2033, will play a critical role in expanding digital connectivity, particularly in rural and underserved regions. (PTI)
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