State-owned NewSpace India Ltd. launched three dozen communications satellites last month from an island off the nation’s eastern coast for OneWeb Ltd. The move not only salvaged the UK satellite company’s bid to create a global broadband internet network in the skies, but also signaled India’s ambitions in the sector.
According to estimates, the demand for high-speed internet delivered from space has made launching satellites into orbit a lucrative business. The space economy is projected to grow to $600 billion from $447 billion in 2020 by 2025.
India’s industry is on track for significant growth. In 2020, the government eased rules for private sector satellite and rocket companies, allowing them to carry out independent space activities instead of being solely suppliers to ISRO.