Daijiworld Media Network - New Delhi
New Delhi, Aug 24: Prime Minister Narendra Modi has said India has the potential to emerge as a global leader in the space sector and called on private companies to build an ecosystem capable of attracting international talent, investment and innovation.
Modi made the remarks during an interaction with chief executive officers and founders of 20 private space companies. The meeting was held on Friday, with details released on Sunday, which is observed as National Space Day to commemorate the successful soft landing of the Vikram lander during the Chandrayaan-3 mission.
Modi said India could become a global hub for space startups by leveraging its cost competitiveness, large domestic talent pool and growing private-sector capabilities.
“We must create such an aura that people all over the world feel that if they want to build their life, they should come to Hindustan. Join some Indian start-up. Join some Indian space agency,” he said.
India opened its space sector to private participation in 2020, allowing companies and startups to participate across areas including satellites, launch systems and space applications. The Indian Space Policy 2023 further expanded private participation across the space value chain.
According to government figures, the number of private space startups in India has increased from just one in 2014 to 440 currently.
Modi told the entrepreneurs that the government had sought to create an environment of trust and consistency to encourage private companies to take risks and invest in new areas.
“My view has always been that whatever decisions we take, we must remain consistent in them… so that anyone who wants to take a risk can have confidence,” he said.
The global space industry is estimated to be worth around $600 billion, while India's current share stands at about $9 billion. The government has set a target of increasing India's share to between $40 billion and $45 billion over the next decade.
Private investment in India's space sector has also increased sharply, rising nearly six-fold from $100.5 million in 2021-22 to $618.5 million by March 31, 2026. Around $187 million was invested during the current year, according to government figures.
“In cost we are very competitive, in talent there is no question at all, and the risk-taking capacity of our people is anyway greater. And because of that we can very quickly make our place,” Modi said.
Representatives of leading space companies including Skyroot Aerospace, Agnikul Cosmos, Pixxel, Dhruva Space and GalaxEye participated in the interaction.
The companies outlined plans for developing advanced space technologies, including robotic spacecraft capable of removing defunct satellites from orbit, docking and refuelling systems aimed at creating space-based fuel stations, and technologies for manufacturing pharmaceuticals in space and bringing them back to Earth.
Skyroot Aerospace, which conducted India's first private rocket launch in July, described the achievement as the beginning of its plans to increase launch frequency and expand its operations.
Modi said successful breakthroughs by Indian space startups would attract global attention and encourage further investment in the sector.
The CEOs also discussed applications of space technology beyond rocket launches, including global ground-station networks, advanced propulsion systems and satellite-based solutions for agriculture and other sectors.
They highlighted increasing international contracts, growing investor confidence and expanding opportunities in overseas markets, supported by government measures to promote exports and open up India's space sector.