In a landmark win for India’s space sector, Hindustan Aeronautics Limited (HAL) has secured a ₹511 crore ($59 million) contract from IN‑SPACe to produce the Small Satellite Launch Vehicle (SSLV) - a move that turns HAL into the nation’s third rocket-maker after private startups Skyroot Aerospace and Agnikul Cosmos .

This contract marks a major stride in the Indian government’s ongoing privatization of space launch capabilities, aligning with Prime Minister Modi's push to scale India’s space economy - currently just 2% of the global market—to an estimated $44 billion by 2030.

Over the next two years, HAL will receive complete SSLV technology from ISRO, develop two prototypes, and transition to independent production. The rockets, capable of placing payloads up to 500 kg into low-Earth orbit, position HAL to enter the rapidly growing global small-satellite launch market, projected to hit $44 billion by 2032 .

Shares in HAL jumped approximately 1.6% following the announcement, reflecting investor confidence. This milestone not only reaffirms HAL’s legacy in aerospace but also signals a new era of commercial space leadership for India.