- India's space industry raised $150 million funding this fiscal, highest since 2020
- Funding expected to exceed $200 million, more than double last year's amount
- India's space economy valued at $8 billion, projected to reach $44 billion by 2033
India's space industry has raised $150 million in funding so far this fiscal, marking the highest-ever investment since the government opened the sector to private players in 2020, according to Pawan Goenka, Chairman of the Indian National Space Promotion and Authorisation Centre (INSPACe).
“This year will have the highest ever funding in the space sector. The 150-million-dollar mark was reached two days ago. It will cross 200 million dollars this financial year,” Goenka said while speaking at the India Economic Forum in New Delhi on Thursday.
Goenka highlighted that investor interest in the space segment is surging, with the expected $200 million fundraise more than double the amount raised last fiscal. He added that INSPACe, which acts as both promoter and regulator for the space sector, is actively working to educate investors about opportunities in this emerging industry.
The INSPACe chief pegged the current size of India's space economy at $8 billion, projecting it to grow to $44 billion by 2033. He noted that demand for space start-ups is primarily being driven by government departments, which previously relied on ISRO for solutions. “There is a need for the private sector to develop space technology solutions for the government to increase their market share,” Goenka said.
He further urged private industry players to explore collaborations with space start-ups for technology solutions that can enhance their businesses. According to Goenka, such partnerships will not only strengthen the ecosystem but also accelerate innovation and commercialization in India's space sector.
The record-breaking funding milestone underscores the impact of policy reforms introduced in 2020, which allowed private companies to participate in satellite launches, space-based services, and related technologies. With INSPACe facilitating regulatory clearances and promoting industry growth, India's space sector is positioning itself as a global hub for innovation and investment.
(With inputs from PTI)
