Five PSLVs are being indigenously produced by Larsen & Toubro (L&T) and Hindustan Aeronautics Limited (HAL), while OneWeb is set to launch their satellites through Indian Space Research Organisation (ISRO) and NewSpace India Limited (NSIL).

India's space economy was pegged at $9.6 billion in 2020 and is expected to touch $12.8 billion by 2025.

Indian start-ups will soon launch space satellites as well as satellite constellations and try their rockets, said Jitendra Singh, Minister of State (Independent Charge) Ministry of Science and Technology, MoS PMO, Space and Atomic Energy, on Monday.

The minister, while speaking at the India Space Conclave in Delhi on the occasion of the first anniversary of the Indian Space Association (ISpA), said, “The revolutionary and out of box decision of PM Modi to unlock the Space sector for Private Industry in June 2020 changed the very nature of Space ecosystem of the country.”

Singh further added that five PSLVs are being indigenously produced by Larsen & Toubro (L&T) and Hindustan Aeronautics Limited (HAL), while OneWeb is set to launch their satellites through Indian Space Research Organisation (ISRO) and NewSpace India Limited (NSIL).

India's space economy is likely to be worth nearly $13 billion by 2025, with the satellite launch services segment set to witness the fastest growth spurred by increasing private participation, according to a report released by ISpA and Ernst and Young.

India's space economy was pegged at $9.6 billion in 2020 and is expected to touch $12.8 billion by 2025, the report added. Currently, India’s spacetech ecosystem is growing at a CAGR of 13 per cent annually, according to the report's findings.

Singh said, “Space reforms have unleashed the potentials of start-ups and within a short span of time from a couple of Space Start-ups three-four years back, today we have 102 start-ups working in cutting-edge areas of space debris management., nano-satellite, launch vehicle, ground systems, research, etc.”

The minister further added that with the integration of R&D, academia and industry with equal stake, it is safe to say that a space revolution led by ISRO along with the private sector and start-ups is on the horizon.

Singh said that India’s young technology wizards shall breach new barriers in the field of space technology while they set out to address the limitless opportunities offered by the space domain.

Prime Minister Narendra Modi, while launching ISpA, on October 11, 2021, said, “Our approach to space reforms is based on four pillars - freedom to the private sector in innovation, the role of the government as an enabler, making youth future-ready and seeing the space sector as a resource for the progress of common man”.

The minister also said that ISpA, keeping the motto of ‘Atmanirbhar Bharat’ high, will usher in important technological advancements and investments in India which will eventually create high-skill job opportunities.

Many nations are today focusing on developing their military space capabilities to ensure its safe, secure, and friendly use along with deterrence capability to deny it to adversaries, when necessary. Dwelling on the strategic relevance of Space given recent global conflicts, Singh said, “Space, a dual-use technology domain, is emerging as an important multi-faceted enabler that provides unprecedented reach.”

The minister also explained that India too has resolved to leverage the strengths of this emerging dimension of warfare and the Indian government is undertaking strong and decisive steps towards ensuring ‘Atmanirbharta’ in the space sector to ensure our private industrial capability and capacity are effectively energised and channelized to develop cutting-edge solutions.