Indian Space Economy Expected To Reach $44 Billion By 2033: IN-SPACe

The Indian space economy may touch $44 billion by 2033, with about 8% of the global share, according to a projection by the Indian National Space Promotion and Authorisation Centre, the single-window autonomous agency under the Department of Space.

Currently, India’s space economy is valued at around $8 billion, with a 2% share in the global space economy.

IN-SPACe unveiled its decadal vision and strategy for the Indian space economy, which have been jointly prepared by IN-SPACe and Indian Space Research Organisation, along with other stakeholders. The decadal vision addresses the creation of demand, local manufacturing capabilities and space infrastructure and provides a comprehensive regulatory framework to encourage and facilitate participation of non-governmental entities in the growth of the space sector.

“As we unveil the decadal vision for Indian space economy, we emphasise that the future of the Indian space sector is a shared endeavour. Hence, our strategy fosters an era of collaboration between all stakeholders to accelerate growth. ISRO is opening its doors wider than ever to private sector participation, so that together, we can successfully boost the space economy for a resurgent Aatmnirbhar Bharat,” said Pawan Goenka, chairman, IN-SPACe.

The space sector in India has witnessed significant momentum following its reforms, Goenka said. To further boost the industry, an investment of $22 billion is expected to be made over the next 10 years.

IN-SPACe’s strategy defines India's vision as a global space power, which accelerates India's growth through space applications, strengthens capabilities in space, creates socio-economic benefits and capabilities for growth to meet the country's ambitions for the space sector.

The space ecosystem has been divided into three broad groups: Space-for-Earth, Access-to-Space and Space-for-Space. IN-SPACe aims to realise the space vision and strategy by focusing on 10 capabilities: demand generation, earth observation platform, communication platform, navigation platform, research and development ecosystem, creation of a talent pool, access to finance, international synergy, collaboration, and policy and regulation.

“The decadal vision defines a roadmap on how the Department of Space along with IN-SPACe and ISRO will drive the emergence of private players. We are already witnessing the early signs of success of this endeavour,” said S. Somanath, secretary, DoS, and chairman, ISRO.