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Space industry of India
Overview of Indian space sector

India's space industry is primarily led by the Indian Space Research Organisation (ISRO) and includes over 500 private suppliers under the Department of Space. Accounting for $9 billion in 2023, it represents 2%-3% of the global space industry and employs more than 45,000 people. The Government of India launched the Indian Space Association (ISpA) in 2021 to promote private sector growth, with founding members including Larsen & Toubro and the Tata Group. India's space exploration began at the Thumba Equatorial Rocket Launching Station, advancing through vehicles like SLV-3 and GSLV. By 2019, over 300 satellites had been launched for foreign clients, and numerous startups were developing launch vehicles and satellites.

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History

Early decades

India's interest in space travel began in the early 1960s, when scientists launched a Nike-Apache rocket from TERLS, Kerala.1112 The Indian National Committee for Space Research was subsequently set up, which later became the Indian Space Research Organisation (ISRO)13 functioning under a new independent Department of Space (DoS) in the 1970s under the Prime Minister of India.1415

ISRO joined the Interkosmos program to launch its first satellite, Aryabhata, from the former Soviet Union in 1975.16

SLV-3, a locally developed space rocket, was introduced in 1979, enabling India to undertake orbital launches.17 Experience gained from SLV-3 was used to develop an Augmented Satellite Launch Vehicle to develop technologies for launching satellites in geostationary orbit, but this ended up having very limited success and was eventually discontinued.18 However, the study of a homegrown medium-lift launch vehicle went on, which lead to the realisation of the Polar Satellite Launch Vehicle (PSLV).19

Introduction of PSLV and commercial space missions

Antrix Corporation was set up in 1992 to market ISRO's technology, launch services and transfer technology to Indian private firms, dawning the commercial space sector in India.20 The PSLV rocket, introduced in 1993, enabled India to launch its polar satellites. Despite initial failures in its first two flights, PSLV had no further failures and emerged as ISRO's primary workhorse for launching domestic and foreign satellites.2122 The development of GSLV and GSLV Mk III subsequently began in the 1990s and 2000s to attain the capability to launch communication satellites. However, the launchers didn't become operational until decades later, as India initially faced a great problem in the development of cryogenic engines.232425 Later, NewSpace India Limited (NSIL) replaced Antrix as the commercial arm of ISRO.26

Emergence of the private sector

Main articles: Indian National Space Promotion and Authorisation Centre and Space Activities Bill

The Indian space program emerged as an economic sector with government-backed investments with official institutions in the military and civilian administrations over decades of engineering. Over four decades, ISRO continued transferring technologies to small and medium enterprises (SMEs), leading to there being over 500 suppliers of various components in 2017.27

India's IT industry started engaging in this sector in the 1990s. The Department of Space actively promoted the growth of the sector, leading to the establishment of the manufacturing of various systems. Large mapping projects for various civilian and military requirements were outsourced by the government, which drove the growth of India's private space sector. However, the private sector still played a supporting role, while the government continued to dominate the space sector.28

In the late 2010s, a large number of startups started to emerge throughout the country with their own proposals and concepts to develop various satellite technologies and rockets.293031

A range of initiatives to deregulate the private space sector were introduced by Narendra Modi's cabinet in June 2020, and the Indian National Space Promotion and Authorisation Centre (INSPACe) was established for incubating technology into private firms, known as Non-Government Private Entities (NGPEs) by DOS.3233 NGPEs were included as a crucial part of ISRO's Space Communication Policy draft issued in October 2020.34 As of 2021, a new Space Activities Bill and a space policy are being drafted by NALSAR Centre for Aerospace and Defence laws to regulate space manufacturing and the legal aspects of the industry in India.3536

An amendment was made in the FDI policy for space sector through a gazette notification dated April 16, 2024, called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024. The liberalized entry routes under the amended policy are aimed at attracting potential investors in the Indian companies in space. As per them, up to 74 per cent FDI for satellite manufacturing & operation, satellite data products and ground segment & user segment are allowed under automatic route. Beyond 74 per cent these activities are under government route. FDI up to 49 per cent is allowed for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft are under automatic route but beyond 49 per cent government permission would be required. The cabinet on February 21 had allowed 74% foreign direct investment (FDI) under automatic route for satellite manufacturing, upto 49% under automatic route for launch vehicles, and upto 100% under automatic route for manufacturing of components and systems.

The new rules will come into effect from April 16 2024.373839

Throughout this time, various nondisclosure agreements and tech transfers have been taking place between ISRO and private entities.4041

In July 2024, Minister of Finance Nirmala Sitharaman announced that the Indian government will form a $119 million venture capital find for space startups in India.42 The Union Cabinet of India approved the creation of the venture capital fund in October 2024.43 India has more than 400 private space enterprises as of 2024, up from 54 in 2020.44 Since 2025, an increasing number of private sector Indian space companies have been setting up offices and forming subsidiaries in the United States to gain access to the American market and compete with domestic U.S. space companies.45 Some Indian companies, including Bellatrix Aerospace, a satellite propulsion manufacturer, are establishing manufacturing facilities in the U.S.46

As of May 2025, India is planning to launch 52 spy satellites over the next five years, with private sector companies building half of the 52 spy satellites, with ISRO manufacturing the remaining half.47 Additionally as of May 2025, technology for ISRO’s Small Satellite Launch Vehicle (SSLV) is in the process of being transferred to private firms by ISRO.48

Industry overview

ISRO and DoS continue to remain dominant in the national space sector, having launched more than 100 domestic and more than 300 foreign satellites for 33 countries,49 while private firms have gradually been gaining ground.505152 In 2019, the space industry of India accounted for $7 billion or 2% of the global space industry and employed more than 45,000 people.5354 Antrix Corporation expects the industry to grow up to $50 billion by 2024 if provided with appropriate policy support.55

In February 2020, there were 35 startups that came up in the space sector, of which three focused on designing rockets, 14 on designing satellites, and the rest on drone-based applications and services sector. The number further grew to over 40 in January 2021.5657 Two companies, Skyroot Aerospace and AgniKul Cosmos, have tested their own engines and are in advanced stages of developing their own launch vehicles,5859 while others have their launchers in the production pipeline and have launched satellites using ISRO rockets.

The space industry has contributed $60 billion to India's gross domestic product (GDP) between 2014 and 2024. It created 96,000 direct jobs and 4.7 million indirect jobs, according to the Socio-Economic Impact Analysis of Indian Space Programme Report. India now has the eighth-largest space economy in the world, with space sector earnings reaching $6.3 billion as of 2023.6061

The Indian economy has benefited from a multiplier effect of $2.54 for every dollar earned by the Indian space industry, according to the European consulting firm Novaspace, with India's space industry workforce being 2.5 times more productive than the country's wider industrial workforce.62 At a compound annual growth rate (CAGR) of 6%, the Indian space economy which is valued at approximately ₹6,700 crore ($8.4 billion) as of 2024 is projected to reach $13 billion by 2025, accounting for 2% to 3% of the worldwide space economy. The entire amount of money invested in ISRO over the past 55 years since its founding is less than NASA's annual budget.63 Compared to CNSA, which receives over $18 billion, and NASA, which works with a budget surpassing $25 billion, ISRO's annual budget in 2024 is approximately $1.6 billion.6465

India's space industry aims to focus on various niches in the space domain, which include retrieving space data, constructing small satellites and cheap launches into orbit.66

List of notable companies

Major conglomerates and organisations
NameEstablishedOwnershipServicesPortals
Indian Space Research Organisation (ISRO)1969State-owned[1]
Hindustan Aeronautics Limited1964State-owned[2]
Ananth Technologies1992Private
  • Launch Vehicles
  • Avionics
  • AIT of Launch Vehicles
  • Satellite Systems
  • Satellite applications
[3]
Data Patterns (India) Ltd1985Private
  • Satellite systems
  • Small Satellites
  • Ground Stations
[4]
Antrix Corporation1992State-owned[5]
Godrej Aerospace1897Private[6]
Larsen & Toubro1938Private[7]
NewSpace India Limited2019State-owned[8]
Other notable companies and startups
NameEstablishedOwnershipServicesRef(s)
AgniKul Cosmos2017PrivateLaunch vehicles[9]
Bellatrix Aerospace2015Private[10]
Dhruva Space2012PrivateSatellites[11]
Spaceover Corp2023PrivateResearch[12]
Pixxel2019PrivateEarth imaging satellites[13]
Satellize2018PrivateSatellites[14]
Skyroot Aerospace2018PrivateLaunch vehicles[15]
Manastu Space2017Private[16]
Erisha Space2022Private[17]

See also

Sources

References

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