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Seeking to further increase private participation, Principal Scientific Advisor Ajay Kumar Sood has said that the government will soon unveil a new space policy that could see the rise of India's own ‘SpaceX-like ventures’. He said consultations have taken place and the final version of the space policy would soon be referred to the Empowered Technology Group for further examination.

Sood said the government will encourage manufacturing of satellites in the private sector for a range of applications from health care, agriculture to urban development and property tax estimation. He said ‘we have not tapped the full potential of this sector. In 2022, the space sector is witnessing what the information technology sector experienced in the 1990s. We will have our own SpaceX in the next two years.’

He further said there were immense opportunities for use of space technology for the benefit of humankind but there were limitations on what Indian Space Research Organisation (ISRO) could do. He said ‘new launch vehicles are being developed, new fuels for spacecraft are being developed and this will connect the unconnected and that is the theme connect the unconnected that will happen when we open up the space sector.’ With the opening up of the space sector, he stated that there could be dedicated satellites for various sectors such as agriculture, education, disaster management, e-commerce applications.