IN-SPACe has approved the production of more than 60 LVM-3 rockets in collaboration with private companies over the next 12 to 14 years. The initiative is expected to generate INR 25,000 crore in business for private sector firms involved in space manufacturing.
Speaking at the Bharat Space Conclave organized by FICCI, IN-SPACe Chairman Pawan Kumar Goenka outlined the plans, stating that the LVM-3 rocket, used for heavy satellite launches, will be primarily built with private sector participation.
To further boost demand for space applications, the government plans to deploy a constellation of 52 surveillance satellites for defence purposes, which will bring additional business opportunities worth INR 25,000 crore for private companies. IN-SPACe is also coordinating with various government departments to expand the use of earth observation data.
In another development, ISRO is finalizing the transfer of Small Satellite Launch Vehicle (SSLV) manufacturing rights to private firms. Three companies have been shortlisted, and two will be selected as sole producers of SSLVs, after which ISRO will cease in-house production of these rockets.
A report released at the conclave by FICCI and EY projects India's space economy to grow from USD 8.4 billion in 2022 to USD 44 billion by 2033, targeting an 8% share of the global market. Satellite communication is expected to contribute USD 14.8 billion by 2033, driven by increasing demand for digital connectivity.
According to the report, policy reforms, private sector involvement, and global partnerships, supported by the Indian Space Policy 2023, are key factors driving the sector’s growth.
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