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

Indian Prime Minister Narendra Modi met with founders and CEOs of 20 spacetech startups on August 21 to discuss expanding India's commercial space sector, per Inc42. The meeting was held at Seva Teerth and covered topics including commercial applications of space assets and positioning India as an international space industry hub.

Executives from companies including Skyroot Aerospace, Agnikul Cosmos, Pixxel, Dhruva Space, GalaxEye, PierSight, Bellatrix Aerospace, Digantara, SatSure, Suhora Technologies, Manastu Space, Astrobase, TakeMe2Space, VyomIC, Cosmoserve Space, OrbitAID Aerospace, SkyServe (Hyspace), Serendipity Space, Vassar Labs, and mistEO attended, according to Inc42. Startup leaders presented their work across satellite fabrication, semi-cryogenic launch systems, space situational awareness, and AI-driven earth observation.

"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 an X post, as quoted by Inc42. He urged startups to pursue cross-sector partnerships — for instance, orbital debris management firms working with environmental organisations, or satellite analytics providers collaborating with agricultural universities to improve crop yields. He also called on companies to engage with Atal Tinkering Labs, school-based innovation workspaces run by NITI Aayog's Atal Innovation Mission, to build interest in space among younger students.

The meeting comes against a backdrop of sustained government investment in the sector. Since the Indian Space Policy 2023 opened space missions to private players, the government has liberalised FDI norms, established a ₹1,000 Cr Venture Capital Fund and a ₹500 Cr Technology Adoption Fund, and extended ISRO facility access, testing infrastructure, and technology transfer to startups, per Inc42. The government's ₹1,600 Cr Antariksh Venture Capital Fund (AVCF), managed by SIDBI's venture arm and anchored by ₹1,000 Cr in committed funds from space regulator In-SPACe, recently made its first deployment — a ₹60 Cr ($6.3 Mn) investment in Dhruva Space's ongoing pre-Series B round. Separately, In-SPACe in June funded Astrobase Space Technologies, SatSure Analytics, and TakeMe2Space as the first cohort under its Technology Adoption Fund scheme.

The sector's private momentum has been led in part by Skyroot Aerospace, which in July completed India's first private orbital rocket launch using its Vikram-1 vehicle and in May closed a $60 Mn funding round co-led by Sherpalo Ventures and Singapore's GIC at a $1.1 Bn valuation, making it India's first spacetech unicorn, per Inc42. The Indian spacetech industry as a whole is projected to reach $77 Bn by 2030, according to an Inc42 report.

Modi also reiterated the government's intent to use the sector to attract foreign direct investment and global talent to India, with an eye toward making the country a recognised destination for international space commerce.