ISRO is gearing up to launch eight spacecraft annually to increase revenue and meet global technology demand, a top official of the Vikram Sarabhai Space Centre said today.

"Right now, we have four launches including GSLVs and PSLVs per year. The process is on to launch eight spacecraft a year to meet global demand," VSSC Director P S Veeraraghavan told reporters on the sidelines of a function here.

On steps taken by ISRO to double the number of launches, he said, "We need to increase throughout in getting various subsystems from industries and then increase our own internal work."

On the commercial aspect, he said India currently earns about Rs 1,000 crore through commercial satellite launches.

"Through Indian remote sensing satellite and through other satellite launches, we are getting revenue of Rs 1,000 crore per year. This is growing at the rate of 20 to 30 per cent every year," Veeraraghavan said.

Noting that India has become sixth in the world in space technology, he said ISRO proposed to launch a GSLV and PSLV rocket simultaneously this December within a one week span.

"Schedule launch is going to be in December. Currently, the rocket is getting assembled. PSLV will carry three satellites and GSLV will carry INSAT 5C," he said.

On Chandrayaan-2 mission, he said it would be launched by GLSV instead of PSLV. "We have already started the process and various payloads have been identified. In Chandrayaan-2 there would be a orbiter, lander and a rover," he said.

Veeraraghavan said ISRO is also developing GSLV Mk III to launch a four tonne satellite into geosynchronous transfer orbit.

He also said that ISRO planned to set up its third launch pad for human space mission.

Veeraraghavan was here to receive 'PSOM-XL Motorcase', a device used in the launch of PSLV and Chandrayaan missions, from city-based Ramakrishna Engineering Company.