My suggestion to India: focus on encouraging the would-be Elon Musks in your population. Give them permission to do it. Remove the barriers to them doing it. You'll get there much faster if the private sector were doing it.
Wow -- people are downvoting such basic commonsense.
India lacks all of these things. Shifting all of the space program to private companies would be a disaster there.
Companies rarely finance scientific endeavors because the payout on them is too long - and many pure science efforts like landing on Europa offer no possible payback plan. Science in space cannot exist without government largess.
Also, one of the primary reasons for space research has historically been weapons deployment (ICBM). Private firms are not going to fund that sort of development - unless the government pays them to do so.
I am tired of people applying a free market rant to everything they run into. Any economist will tell you that the "free market" only really applies in very particular markets (perfect competition), and even those have a common trade/law/infrastructure system established by a government. Space is actually better suited to oligopolies, which are almost as far away from a free market as possible and practically dictate a need for regulation.