The Rise of India's Private Space Sector: Opportunities and Challenges Abhay Egoor, CTO and Co-founder, Dhruva Space points out that recent policy changes have been instrumental in creating a favourable environment for growth.

In recent years, the landscape of space technology has been rapidly evolving, opening doors for private players who once faced significant barriers to entry. As the cost of technology decreases and the risks associated with space missions become more manageable, India's burgeoning space sector is gaining international attention. Experts from various organizations are optimistic about the future, highlighting the unique advantages and challenges that lie ahead.

Rakshit, Co-founder and VP of Product, GalaxEye notes that recent advancements have made space more accessible. "The technology has developed recently. So, space has been inaccessible to the private players because the technology has been expensive and the risk has been huge," he explains.

However, he adds, "even though there is a lot of risk in putting things in space, it is viable if it's done right."

India has long been recognized for its cost-effective space missions, a reputation that extends to the private sector. Naga Bharath, Co-founder and COO, Skyroot Aerospace, emphasizes the global competitiveness of Indian start-ups in the small satellite market.

"India is historically well known for cost-effective space missions, and with that unique advantage, a small rocket developed by a private player would be globally competitive in serving satellites across the world," he said.

Abhay Egoor, CTO and Co-founder, Dhruva Space, points out that recent policy changes have been instrumental in creating a favourable environment for growth. He said, "The geopolitical situation of India allows us to tap into the global market." This supportive ecosystem, coupled with innovative talent, positions India uniquely in the global space arena, allowing it to expand its footprint and influence.

Speaking on the banking, financial services, and insurance (BFSI) sector, Rashmit Singh Sukhmani, Founder and Chief Technology Officer, SatSure, emphasized the importance of space technology in addressing real-world challenges.

He said, "There are two streams including upstream and downstream in space tech, and they have to work hand-in-hand."

The evolution of space technology, once reserved for military and intelligence use, is now becoming accessible for commercial applications, fostering a new wave of solutions that can drive economic growth.

"I would say what military intelligence was before 10 years now it is commercially available for company like us to build solution," he added.

Despite the optimism surrounding the industry, challenges remain, particularly in securing adequate funding. Sheetal Bahl, Founding Partner at Merak Ventures, raises concerns about the current state of venture capital investment in space tech, stating, "In the last two years, less than one per cent of India's VC funding has been done in space tech." This highlights a critical gap that needs to be addressed if the sector is to reach its full potential.

"Even after the lot of support from government, the amount funding is still negligible. In the last two years, less than one per cent of overall India's VC funding has been done in space tech. It's not easy to raise money for deep tech ecosystem in India," Bahl added.

Looking ahead, Rohan M Ganapathy, CEO and CTO of Bellatrix Aerospace, envisions a bright future for the space industry in India. He believes that by 2050, space will be one of the largest employers of talent.

"Currently, India accounts for 1 per cent of the global market, but with organizations like ISRO, we should aim for at least 20 per cent of the global market," he asserts.