New Delhi, May 7 -- Mumbai: As India waits for the final draft of its first space law and guidelines for foreign direct investment (FDI) in the space sector, homegrown space startups remain in line to grab larger pieces of the incoming businesses and investments.

Stakeholders of the industry thatMintspoke with, requesting anonymity, said a formalization of India's operating procedures for space project procurement, coupled with on-paper confirmation of how foreign investors can approach the government for large investments in India in space, can open up a multi-billion-dollar opportunity for the sector, which seeks to quadruple its net annual revenue within eight years.

"There is a lot of scope for India to create demand in the domestic...