India Can Build A Commercially Viable Space Sector For The World: PM Modi

Reiterating the Central government’s bullishness on India’s space segment, Indian Prime Minister (PM) Narendra Modi today met with founders and CEOs of 20 spacetech startups to discuss the future of India’s space industry, including expanding commercial applications of space assets and how India can become an international hub for the space industry. 

Executives from startups like Skyroot Acrospace, Agnikul Cosmos, Pixxel, Dhruva Space, GalaxEye, PierSight, Bellatrix Acrospace, Digantara, SatSure, Suhora Technologies, Manastu Space, Astrobase, TakeMe2Space, VyomIC, Cosmoserve Space, OrbitAID Aerospace, SkyServe (Hyspace), Serendipity Space, Vassar Labs and mistEO spoke with the PM today at  the Seva Teerth. 

“The Startups made insightful presentations on their work… I assured the space startups that the Government of India will continue to stand with them as they build India’s capabilities for the future. India can offer the world a strong, innovative and commercially viable model in the space sector,” Modi said in a X post. 

During the meeting, startup leaders presented their work and highlighted their capabilities across areas like satellite fabrication, semi-cryogenic launch systems, space situational awareness, and AI-driven earth observation. 

PM Modi called on startups to collaborate with sectors beyond core aerospace operations, suggesting that orbital debris management firms could partner with environmental organisations or satellite analytics providers could work with agricultural universities and departments to increase crop yields.

“They can engage with Atal Tinkering Labs, spark curiosity among schoolchildren and inspire the next generation to participate in the space sector,” he noted. 

For context, Atal Tinkering Labs are innovation workspaces set up in schools across India by the Atal Innovation Mission under NITI Aayog. Under this, students, studying in grades 6 through 12, are trained with hands-on access to modern tools like 3D printers, robotics kits, and microcontrollers to foster STEM skills.

He also doubled down on its intent to establish India as a hub to attract foreign direct investment and global talent in the space sector. 

Since the introduction of the Indian Space Policy 2023, which accelerated the participation of private players in space missions, investors have been lining up for a piece of the pie. 

To note, the Indian government has introduced steps, like setting up the Indian Space Policy in 2023, to promote space exploration in recent times. It has also liberalised FDI norms, established a ₹1,000 Cr Venture Capital Fund and a ₹500 Cr Technology Adoption Fund, while offering startups access to ISRO facilities, testing infrastructure, mentorship and technology transfer

The industry as a whole is now projected to reach $77 Bn by 2030. 

Attraction to spacetech received a certain degree of validation when Skyroot Aerospace, which also became India’s first spacetech unicorn, successfully completed India’s first private orbital rocket launch using its Vikram-1 vehicle in July.

The startup also reached a $1.1 Bn valuation in a $60 Mn funding round co-led by Sherpalo Ventures and Singapore’s GIC in May.

Notably, the government’s ₹1,600 Cr Antariksh Venture Capital Fund (AVCF) deployed capital for the first time recently by investing ₹60 Cr ($6.3 Mn) as part of Dhruva Space’s ongoing pre-Series B funding round. AVCF is managed by the venture arm of SIDBI and anchored by ₹1,000 Cr in committed funds from India’s space sector regulator and promoter In-SPACe.

In June, IN-SPACe also funded Astrobase Space Technologies, SatSure Analytics and TakeMe2Space as the first set of startups it would invest in under its Technology Adoption Fund (TAF) Scheme.

The post India Can Build A Commercially Viable Space Sector For The World: PM Modi appeared first on Inc42 Media.