India's Space Tech Startups Thrive Amid Government Reforms and Investment
India's space sector has seen significant growth since 2020, following government reforms that encouraged private sector involvement and established a supportive regulatory framework. With over 200 startups now employing more than 5,000 people, projections indicate India's share of the global space market could rise from 2% in 2022 to 8-10% by 2033, valued at $44 billion. Key players include Skyroot, Pixxel, Dhruva Space, and Bellatrix Aerospace, all contributing to advancements in satellite technology and launch systems.
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India's space sector has transformed since 2020, when the government allowed private companies to engage in space activities and established the Indian National Space Promotion and Authorisation Centre (IN-SPACe). The Indian Space Policy 2023 provided a regulatory framework, and by February 2024, 100% foreign direct investment was permitted.
An October 2024 initiative created a ₹1,000 crore venture capital fund, leading to a ₹10,000 crore fund for over 40 space tech companies. The sector has grown to over 200 startups employing more than 5,000 people, with projections of India's share of the global space market rising from 2% in 2022 to 8-10% by 2033, valued at $44 billion.
Notable startups include Skyroot, which launched India's first private rocket in 2022, and Pixxel, which operates hyperspectral imaging satellites. Other companies like Dhruva Space and Bellatrix Aerospace are innovating in satellite technology and propulsion systems, respectively, while EtherealX aims to launch a reusable vehicle by 2027.
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