Addressing the 10th IN-SPACe Industry Connect programme, the Minister said India's private space ecosystem has witnessed remarkable growth following the government's space sector reforms and now comprises more than 400 start-ups along with several established companies engaged in developing advanced space technologies.

He emphasized that while Indian start-ups have demonstrated exceptional innovation, achieving leadership in the global space economy will require greater participation from established industries through enhanced financial investment, manufacturing capabilities, technology development and market expansion.

Dr. Jitendra Singh described the decision to open the space sector to private participation under the leadership of Prime Minister Narendra Modi as a transformative policy shift that unlocked India's entrepreneurial potential and accelerated the growth of the country's space ecosystem.

He noted that the introduction of the Indian Space Policy 2023 has provided greater regulatory clarity and strategic direction for stakeholders, while the liberalization of the Foreign Direct Investment (FDI) framework has helped attract investment and strengthen India's integration with global space value chains.

The Minister also highlighted the role of the Indian National Space Promotion and Authorization Centre (IN-SPACe) in facilitating, authorizing and promoting private sector participation across the entire space value chain.

To strengthen the innovation ecosystem, Dr. Jitendra Singh said the government has introduced a ₹1,000 crore Venture Capital Fund and a ₹500 crore Technology Adoption Fund aimed at supporting research, commercialization and technological advancement in the space sector.

He added that initiatives such as seed funding, incubation programmes, skill development and an AICTE-approved Space Technology curriculum are helping create a future-ready workforce for India's expanding space economy.

According to the Minister, India's private space industry has evolved from a handful of pioneering enterprises into a vibrant ecosystem comprising hundreds of start-ups and companies working on launch vehicles, satellites, propulsion systems, Earth observation technologies, space situational awareness and downstream applications.

He cited companies including Skyroot Aerospace, Agnikul Cosmos, Pixxel, Galaxeye, Digantara and Dhruva Space as examples of India's growing technological capabilities and entrepreneurial strength in the global space industry.

Dr. Jitendra Singh also advocated greater philanthropic support for scientific research and innovation, stating that investment in science should be viewed as a service to humanity alongside traditional charitable activities.

He encouraged industry representatives to openly communicate the challenges they face, particularly regarding approval processes and regulatory mechanisms, assuring them that the government remains committed to simplifying procedures and creating an innovation-friendly environment.

The Minister stressed that realizing the vision of "Atmanirbhar Antariksh" (Self-Reliant Space India) will require close collaboration among government agencies, industry, academia, investors and state governments. He observed that the agility and creativity of start-ups must be complemented by the financial strength and execution capabilities of established industries.

Concluding his address, Dr. Jitendra Singh said India's ambitions in the global space economy cannot be achieved through government efforts alone and called upon all stakeholders to work together with confidence, innovation and commitment to make India a leading force in the international space sector.

Source: PIB