The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has approved the production of over 60 LVM-3 rockets in collaboration with private companies. The manufacturing process is expected to span 12 to 14 years, generating an estimated INR 250 billion in business for private firms.
Speaking at the Bharat Space Conclave organized by FICCI, IN-SPACe Chairman Pawan Kumar Goenka stated that the initiative aims to expand private sector participation in space manufacturing. The LVM-3 rocket is used for launching heavy satellites, and its production will contribute to the growth of India’s space industry.
Goenka also highlighted plans to establish a constellation of 52 surveillance satellites for defence applications, which is expected to create another INR 250 billion in business opportunities for private companies. Additionally, IN-SPACe is working with multiple government departments to enhance the use of earth observation data from satellites.
The Indian Space Research Organisation (ISRO) is preparing to transfer the technology, design, and manufacturing rights for Small Satellite Launch Vehicles (SSLVs) to private firms. Three companies have been shortlisted, with the final selection process underway. Once finalized, ISRO will discontinue in-house SSLV production, leaving the selected private firms as sole manufacturers.
A report released at the conclave by FICCI and EY projects significant growth in India’s space sector. The country’s space economy is expected to expand from USD 8.4 billion in 2022 to USD 44 billion by 2033, with a targeted 8% share of the global market. Satellite communication is anticipated to contribute USD 14.8 billion by 2033, driven by demand for digital connectivity, particularly in rural and underserved areas.
The report attributes this growth to policy reforms, increased private participation, and international collaborations under frameworks such as the Indian Space Policy 2023.