Create 5 Unicorns In Next 5 Years: PM Modi To Spacetech Startups

Prime Minister Narendra Modi exhorted the Indian spacetech ecosystem to mint five unicorns in the next five years.

Speaking on the occasion of National Space Day, PM Modi urged the sector to scale up rocket launches to 50 per year – a frequency of nearly one launch per week – from five to six major launches annually currently. 

“Today, on Space Day, I would like to say to our space startups: can we aim to create five unicorns in the space sector in the next five years? At present, we witness about five to six major launches annually from Indian soil. I would like the private sector to take the lead so that in the next five years we reach a stage where we launch fifty rockets every year. One every week!” said PM Modi. 

He added that the Centre has “both the intent and the willpower” to bring the next-generation reforms to spur the spacetech sector. 

Lauding the ecosystem, the PM said that the Indian spacetech sector today boasts more than 350 startups that have emerged as “engines of innovation and acceleration”. He added that spacetech is becoming an integral part of “governance in Bharat”.

In the same breath, he also proposed the establishment of an “Astronaut Pool” and urged the youth to join the initiative. 

“In my conversation with Group Captain Shubhanshu, I saw the boundless courage and infinite dreams of the youth of New Bharat. To take these dreams forward, we are also preparing an Astronaut Pool for Bharat. On this Space Day, I invite my young friends to join this Astronaut Pool and give wings to the dreams of Bharat,” added PM Modi. 

In June, captain Shubhanshu Shukla became the first Indian to visit the International Space Station (ISS), where he spent a little over two weeks. He returned back safely to Earth on July 15.

The PM’s comments come at a time when the Indian spacetech ecosystem is growing by leaps and bounds. It has witnessed healthy growth in the past decade on the back of policy liberalisation, creation of dedicated bodies like Indian National Space Promotion and Authorisation Centre (IN-SPACe) and NewSpace India Limited (NSIL), and other factors. 

This progress was further complemented by the government’s fiscal support, including setting up of INR 1,000 Cr fund to back homegrown spacetech startups. Last year, the GST Council also announced a 0% GST regime for spacetech startups. Meanwhile, the Centre allowed up to 100% FDI via the automatic route for certain sub-segments in the space sector last year.

As a result, the space today is home to hundreds of startups that have raised millions of dollars in funding to date. Spacetech startups raised $81 Mn in 2024. At the heart of all this is the country’s spacetech economy, which is projected to become a $77 Bn opportunity by 2030.