The idea is to launch a satellite with ISRO or any other foreign launch service provider like SpaceX. The satellite in question is a simple CubeSat for basic remote sensing.
Article VI of the Outer Space Treaty deals with international responsibility, stating that "the activities of non-governmental entities in outer space, including the Moon and other celestial bodies, shall require authorization and continuing supervision by the appropriate State Party to the Treaty" and that States Parties shall bear international responsibility for national space activities whether carried out by governmental or non-governmental entities.
According to Outer space treaty you must ask Indian government for placing a cubesat.
In US, NOAA restricts any non-governmental orbiting spacecraft to take images of earth without prior license.
India as of this answer's date does not have any domestic space act. Though it has shown interest
Also, there is a draft of the domestic space act and asked for opinions from private sector.
An interesting point in the bill is that the Indian government can take hold of all the facilities during emergencies such as war.