NEW DELHI: Prime Minister Narendra Modi has said that consistent government policies are essential to building confidence among entrepreneurs and investors, while highlighting the rapid growth of India’s private space sector.
Speaking during an interaction with the CEO of space-tech startup Skyroot Aerospace, Modi said the government had sought to create an environment where entrepreneurs could take risks without fear of being abandoned if their ventures faced setbacks.
The CEO said Skyroot, India’s first space-tech unicorn, successfully launched the country’s first privately developed rocket carrying satellites on July 18, describing the mission as only the beginning of the company’s ambitions.
He said the company plans to conduct one launch every month by the middle of next year, adding that it has already built three factories and has the capacity to produce one rocket a month. Its long-term goal is to achieve one launch a week and eventually several launches a day, he said.
The CEO also highlighted the development of a highly advanced rocket engine, saying its testing is currently underway.
When Modi asked whether the company’s investors had gained confidence, the CEO said investor confidence had increased following Skyroot’s first successful launch. He also credited the opening up of the space sector with creating a favourable environment for the company.
The CEO said the liberalisation of the space sector had also encouraged Indians working in the US and Europe to return to the country and contribute to the industry.
Modi said India should create an environment capable of attracting talent from across the world, encouraging people to come to India to build their careers and join Indian startups and space organisations.
The Prime Minister said the return of skilled Indians from abroad could become a major strength for the country and help build a strong ecosystem for innovation and entrepreneurship.
The Skyroot CEO further said the company’s vision for the next 18 months is to establish a global network of ground stations, strengthening its capabilities in the growing commercial space sector.
