Exclusive Interview/ Pawan Goenka, chairman, IN-SPACe
Q/ What has been the most encouraging development in the private sector since the inception of IN-SPACe?
Several developments stand out, but three in particular. First, launch vehicle progress—Skyroot, Agnikul, HAL’s SSLV programme. Our vision is to make India a global hub for small satellite launch, supported by the upcoming spaceport in Tamil Nadu’s Kulasekarapattinam.
Second, space situational awareness (SSA)—Digantara is doing pioneering work in this area. Globally, very few companies operate at that level, and their progress places India among serious players in SSA.
Third, the National Earth Observation Constellation being led by Pixxel consortium, marking India’s first private earth observation constellation. There is promising work in optical and SAR payloads, too, such as Galaxy’s fused electro-optical system and Ananth Technologies’ communication satellite project.
Q/ How has the ISRO-private industry relationship evolved?
ISRO has always engaged with private industry, but it was largely vendor-based—companies supplying components and subsystems. With IN-SPACe as a facilitator, the relationship has matured. Private firms are developing technologies, launching satellites and monetising them independently. ISRO continues to offer infrastructure, testing facilities and technical know-how, all coordinated through IN-SPACe. Over 100 technologies have been transferred to industry so far, including SSLV to HAL.
Q/ With major transfers like SSLV, how do you see the technology transfer strategy evolving? Will core technologies also move to industry over time?
We have to strike a balance. We will be cautious about transferring technologies with strategic and security sensitivities. When we do, strict checks and balances will be in place. So far, the technologies transferred pose no risks. But as the industry matures and confidence builds, we will gradually expand to more advanced technologies. Earlier, technology transfers were done mainly so ISRO could buy back components. Now, the goal is to help industry commercialise those technologies for global markets—and even for use beyond space.
Q/ Which ISRO facilities are most in demand by private players, and how does IN-SPACe ensure fair and transparent access?
We have not yet faced any bottlenecks. Some facilities are used more frequently for routine testing, while others are reserved for complex or occasional needs. There is enough capacity for both ISRO and private users, and no one has been denied access. However, as private participation grows, demand will rise. To prepare for that, IN-SPACe is developing dedicated facilities exclusively for private industry to avoid any future conflict of priorities.
Q/ What is the current investment flow into India’s space sector?
In the past three to four years, total investments have averaged around $100 million annually. For this calendar year, it is roughly $69-$70 million. To boost this further, the government has approved a 1,000 crore venture capital fund, with investments expected within two to four months. We also regularly engage with venture capitalists and sovereign funds, organising investor sessions almost every month. Awareness and investor appetite today are much higher than even a year ago.
Q/ What initiatives has IN-SPACe introduced to support startups and aid business growth across the ecosystem?
Beyond funding support and access to infrastructure, we work on demand generation—working with various government departments to create demand for space-based data and applications, with several use cases in motion. ISRO recently completed a large exercise identifying space applications with both Central and state governments; many of these projects will be executed by private companies.
Q/ How is IN-SPACe helping Indian companies globally, and what is the policy on foreign companies operating in India?
International outreach is a major focus. We encourage Indian companies to showcase their work globally. At the International Astronautical Congress in Sydney, India sent a delegation of about 75 participants, of whom 68 were from private companies, with 22 exhibiting their technologies. We also conduct bilateral engagements with the likes of Australia, Japan, Italy and the US to explore joint opportunities, and work directly with smaller nations’ space agencies to introduce them to what India can offer.
Q/ Which segments hold the greatest potential in India’s space economy?
Communication will continue as the largest, contributing roughly $14 billion of the projected $44 billion Indian space economy. Earth observation, broadly, will account for about $11–12 billion. But applications drive demand, and demand fuels growth in satellites, launches and ground systems—every segment is interconnected.
Q/ What are the main challenges in India’s private space ecosystem?
Investors are cautious with deep-tech, revenue-lag sectors like space, which is why we are working to make it more attractive. Demand creation is even more critical—a $44 billion space economy means $44 billion worth of demand. Initially that will be largely from government. We are also engaging with private industries like mining, construction and agriculture to demonstrate how space data can be useful.
Q/ What would be success for India’s private space sector in the next five years?
That the private space ecosystem becomes globally recognised and self-sustaining. We are already seeing growing international curiosity—questions constantly come in about India’s startups and reforms. And, given the quality, enthusiasm and persistence I have seen among Indian entrepreneurs, I am confident that the private space sector will be well established globally in five years.
Q/ How do you see Indian startups competing globally by then?
They already are. In the next five years, I expect them to be recognised among top-tier global players. Many have the technical talent, cost advantage and innovative mindset to compete head-to-head internationally. The coming years will cement India’s place as a key node in the global space economy.