Indian private sector is ‘developing’: Minister

• India’s private sector is still in a developing stage, requiring time to acquire the necessary “acumen” for space vehicles or biotechnology start-ups to attract public interest.
• The development of the private sector has been hindered by past policies that did not support its robust growth.
• The space sector opened up to the private sector only four-five years ago, indicating a lack of private sector acumen.
• Despite government claims of promoting private sector participation in the space sector, no private company was selected to manufacture the Small Satellite Launch Vehicle (SSLV).
• Hindustan Aeronautics Limited (HAL) secured a Transfer of Technology deal valued at ₹511 crore from the Indian Space Research Organisation to build and operate SSLVs.
• Rajesh Gokhale, Secretary of the Department of Biotechnology, emphasized the importance of considering market equity in biotechnology start-ups.