HAL Makes History in India's Space Economy

Hindustan Aeronautics Ltd (HAL) has emerged victorious in the bid to privately manufacture India's small satellite launch rockets, marking a major stride in the government's efforts to open the space industry to private enterprises. This development was confirmed by the country's space regulator on Friday.

HAL's independent application won with a bid of 5.11 billion rupees ($59 million), according to Pawan Goenka, head of the Indian National Space Promotion and Authorisation Centre (IN-SPACe). Shares of HAL rose by as much as 1.6%, highlighting investor confidence following the announcement.

With this win, HAL is set to independently build, own, and commercialize Small Satellite Launch Vehicles (SSLV). This privatisation move is part of Prime Minister Narendra Modi's policy initiative to transform India's space sector. The global low Earth orbit launch vehicle market, valued at $13.9 billion in 2023, is anticipated to grow to $44 billion by 2032.

(With inputs from agencies.)