NEW DELHI (PTI): Limited demand and pricing constraints are among key challenges that impede the commercialisation of space technologies in the country, according to the Economic Survey 2023-24.

The survey, tabled in Parliament by Finance Minister Nirmala Sitharaman Monday, said that India has added two more satellite launch vehicles – Launch Vehicle Mark-3 (LVM-3) and Small Satellite Launch Vehicle (SSLV) – to its fleet of rockets comprising the Polar Satellite Launch Vehicle and the Geosynchronous Satellite Launch Vehicle.

It noted that space sector reforms announced in 2020 have been transformative in enhancing the participation of private players in the Indian space programme.

"A string of Space exploration missions has been conducted viz. Mars Orbiter Mission (2014), ASTROSAT (2015), Chandrayaan-2 Orbiter (2019) and subsequently, Chandrayaan-3 landing on the Moon (2023) & Aditya-L1 mission (2023)," the Survey said.

It added that the indigenous satellite navigation constellation i.e NavIC series was completed and operationalised in 2016.

The survey said challenges related to the commercialisation of technologies include the presence of a very niche and/or competitive marketplace, pricing constraints, typically limited demand (that inhibits large-scale commercialisation), and a lack of visibility of long-term demand.

It said major technological areas wherein a developmental gap exists include the development of indigenous capability for the realisation of carbon fibres, dedicated captive semiconductor fab for space applications, availability of major alloying elements.

The survey said that over the last few years, the space sector has seen remarkable progress in the buildup of rockets, satellites and spacecraft used for space exploration, and ground infrastructure.

"Presently, India has 55 active space assets which include 18 communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 Earth Observation satellites," the survey said.

It said New Space India Limited (NSIL) has successfully executed its contract to launch 72 satellites of OneWeb to Low Earth Orbit through LVM3, M2 and M3 missions, establishing LVM3 as a reliable Launch Vehicle in the global commercial launch services market.

It said the Indian National Space Promotion and Authorisation Centre (IN-SPACe) – a single window agency to promote and authorise space activities – has received 440 applications as on January 1, from more than 300 Indian entities pertaining to authorisation, handholding, facility support and consultancy, technology transfer, and facility usage.

The survey said 51 MoUs and 34 joint project implementation plans have been signed with various non-governmental entities as of January 1, to extend the necessary support for carrying out the space activities.