ISRO's commercial arm, NewSpace India Limited (NSIL), is projected to generate a significant revenue of ₹3,000 crore for the fiscal year 2023-24. This marks a substantial increase from previous years, where NSIL reported revenues of ₹500 crore in FY21 and ₹800 crore in FY22. The growth is attributed to a series of reforms initiated in 2018 aimed at enhancing private sector participation in India's space industry, allowing NSIL to operate without government funding for satellite launches.

NSIL was created to facilitate the commercialisation of space technology and boost private sector involvement in satellite production and launch services.

NSIL's initial contract involved launching the GSAT-24 satellite for TATASKY using the Ariane-5 launch vehicle, showcasing its capabilities in the commercial space sector.

The Indian Army has signed a ₹3,000 crore agreement with NSIL for the GSAT-7B satellite, which will enhance communication capabilities for military operations.

The Indian space market is poised for growth, with over 100 start-ups actively participating in satellite manufacturing and launch services. The anticipated demand for satellites and launch vehicles is expected to further increase as NSIL continues to expand its partnerships and capabilities within the industry.