New Delhi, December 24: Reforms made by the government coupled with private partnerships played a crucial role in the growth of IndiaтАЩs space industry in 2024, said the Indian Space Association (ISpA), noting that 2025 is poised to be a year of transformative developments.
Lt. Gen. AK Bhatt (Retd), Director General, ISpA stated that government reforms like the Foreign Direct Investment policy, the Rs 1,000 crore Venture Capitalist fund, and a thriving startup ecosystem, coupled with dynamic public-private collaborations propelled space sector growth.┬аYear Ender 2024: From Launch of IndiaтАЩs 1st Analog Space Mission to Successful Tests of Reusable Launch Vehicle тАШPushpakтАЩ, Check List of ISRO Accomplishments.
тАЬThe Indian governmentтАЩs continued focus on strategic policy reforms not only opens the door for significant private sector investment but also ensures that India stays at the forefront of global space innovation. With the continuous support from the government and the push for the public,тАЭ Bhatt said.
тАЬThe private space sector is witnessing a major growth in the startup ecosystem driven by favourable policy reforms like the liberal FDI policy announced this year,тАЭ he stated, adding that this will give the country тАЬaccess to the latest tech advances and fundsтАЭ both from Indian and global investors.
The FDI policy in the space sector was launched under the Indian Space Policy 2023 in March. It allows for 100 per cent FDI under the automatic route for satellite components and systems, up to 74 per cent for satellite manufacturing and operation, and 49 per cent for launch vehicles and spaceports.
In October, the Cabinet approved a Rs 1,000 crore VC Fund for the space sector, bolstering startups and private players. It also approved Phase III of the Space-Based Surveillance (SBS-III) project, targeting the launch of 52 satellites to enhance surveillance. This involved the manufacturing of 31 satellites by the private sector, providing immense opportunities to the industry.
Further, the year also witnessed the laying of the foundation stone for IndiaтАЩs second spaceport in Kulasekharapattinam, Tamil Nadu. Tata Advanced Systems and Satellogic launched India’s first private sub-metric high-resolution Earth Observation satellite in April.
In May, Agnikul Cosmos made history with the launch of “Agnibaan – SOrTeD,” the worldтАЩs first rocket powered by a fully 3D-printed, semi-cryogenic engine. Funding for Indian space-tech startups reached $76.79 million in 2024, bringing total funding to $463.24 million to date. This includes Pixxel, GalaxEye, Dhruva Space, XDLink Labs, Piersight, and EtherialX.┬аSPADEX Mission Update: ISRO To Launch PSLV-C60 Rocket on December 30 From Sriharikota, Registration To Watch Live Event Starts Today; Check Details.
Notably, this year, ISRO’s commercial arm, NSIL, invited private firms to apply for the end-to-end manufacturing of the Launch Vehicle Mark-III, used in Chandrayaan-2 and Chandrayaan-3. IN-SPACe, under the Department of Space, also called for initial bids from domestic companies to design, build, and operate Earth Observation satellites. These initiatives mark the CentreтАЩs push to become a key customer for IndiaтАЩs private space sector through a public-private partnership (PPP) model, transforming the space sector, Bhatt said.
(The above story first appeared on Today News 24 on Dec 24, 2024 02:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
