India News | 60-plus LVM-3 Rockets to Be Built with Private Sector's Help: INSPACe Chief Pawan Goenka
Get latest articles and stories on India at LatestLY. The government has approved the production of more than 60 LVM-3 rockets with the help of the private sector and the launch of a constellation of earth observation satellites to create demand for the country's nascent private space industry.
New Delhi, Mar 12 (PTI) The government has approved the production of more than 60 LVM-3 rockets with the help of the private sector and the launch of a constellation of earth observation satellites to create demand for the country's nascent private space industry.
Addressing the Bharat Space Conclave at FICCI here, Indian National Space Promotion and Authorisation Centre (INSPACe) Chairman Pawan Kumar Goenka said the production of more than 60 LVM-3 rockets, used to launch heavy satellites, will take place over the next 12-14 years.
"We have approval to build 60-plus LVM-3 rockets, which will primarily be done with the help of the private sector. This will bring in about Rs 25,000 crore of business to the private sector," Goenka said.
INSPACe has the mandate for promotion of the private space industry and also to authorise activities of non-government entities in the sector.
India opened up the space sector for private participation in 2020, leading to the emergence of nearly 250 start-ups in the past few years.
However, a concern often flagged by the industry is the lack of demand for space applications in the country, which could hamper growth in the sector.
Goenka said the government has also announced plans to set up a constellation of 52 surveillance satellites for defence, which will bring a business of Rs 25,000 crore to the private sector.
He said INSPACe was also working with multiple government departments for the use of earth observation data from satellites.
"In the next three years, we will have a significant amount of space applications' demand flowing from the government side to the private sector," Goenka said.
He said the Indian Space Research Organisation (ISRO) was also set to transfer technology, design and manufacturing rights of Small Satellite Launch Vehicles (SSLVs) to private players.
"After extensive deliberation, three companies were shortlisted, and we are in the final stages of selecting two. Once finalised, ISRO itself will no longer manufacture these rockets. The selected private firms will be the sole producers in India," Goenka said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)