In a bid to position itself as a competitive provider of launch services, India has developed a new rocket capable of doing the job faster and at a lower cost.

Indian Space Research Organisation (ISRO), India's space program, will soon test faster, cheaper, better rockets to cater to more satellite customers around the world.

Dr. Jitendra Singh, India's Minister of State for Space, told Parliament "The preparations for carrying out the test are underway and the test is likely to be conducted in the third quarter of 2016."

Scramjet engine technology promises to bring down the cost of access to space by reducing the amount of oxidizer jet engines need to allow their fuel to combust.

By significantly reducing the weight of the rockets, engineers have enhanced their efficiency.

Scramjet engine technology remains largely unproven, a point to consider when placing precision equipment worth millions in orbit. It is envisaged for use in launch vehicles, once the technology proves to be reliable.

During the last year (2015-16), Antrix, ISRO's commercial arm, earned revenues of approximately $35 million by providing commercial launch services, about 0.6% of the global launch services market.

Source: Sputnik News