India can tap into the space market if more start-ups demonstrate the nation's ability to succeed in the space industry, which would attract more investors

India's private space industry marked a huge milestone on June 30, with two Indian start-ups -- Dhruva Space and Digantara -- launching payloads into space for the first time.

Pawan Kumar Goenka, chairman of IN-SPACe, said his company hopes to increase India's space economy from $7 billion -- less than two percent of the global $450 billion -- to $40 billion.

However, India, in terms of technology, is not very far behind the leading players, he said.

The space sector in India uses Indian Space Research Organisation's (ISRO) technology to lay the foundation, before the private players can take it forward, he said. "That's how it works in other countries as well."

There are about 100 start-ups that are working in the space sector but "two-thirds were found in the last two years. The whole momentum of space is very new to India," he added.

India's space industry has the potential to reach $40 billion, "but investment is a major challenge. This is where Indian start-ups have a disadvantage compared to the USA," he said.

However, Goenka said, India can tap into the space market if more start-ups demonstrate India's ability to succeed in the space industry, which would attract more investors.

He said be believes that India can tap into the space market in three ways: application, manufacturing and launching.

"Although, we do not have a cutting-edge technology for weather forecasting," the success of the launch of C53 could be a start, he said.

He emphasised that India could be the global manufacturing hub of several space objects, "since India alone does not have a market."

He said that India could also "launch satellites for other countries."