India’s space economy has potential to reach $44 billion by 2033 with about 8% global share

The decadal imaginative and prescient addresses creation of demand, native manufacturing capabilities, infrastructure and gives a transparent and complete regulatory framework that can encourage and facilitate NGE (non-governmental entities) participation within the development of the space sector.
| Photo Credit: B Jothi Ramalingam

Indian National Space Promotion and Authorization Centre (IN-SPACe) unveiled the decadal imaginative and prescient and technique for the Indian space economy, on October 10.

IN-SPACe is the single-window, autonomous, nodal company beneath the Department of Space. The decadal imaginative and prescient and technique has been developed by IN-SPACe and ISRO alongside with different stakeholders.

At current, the Indian space economy is valued at round ₹6,700 crore ($8.4 billion) with a 2% share within the global space economy.

As per IN-SPACe’s projection, India’s space economy has the potential to reach ₹35,200 crore ($44 billion) by 2033 with about 8% of the global share.

At current, the share of the home market is ₹6,400 crore ($8.1 billion). The export market share is ₹2,400 crore ($0.3 billion). The intention is to enhance the home share to ₹26,400 crore ($33 billion), and the export share to ₹88,000 crore ($11 billion).

Besides, an funding of ₹17,600 crore ($22 billion) is envisioned within the subsequent 10 years

The decadal imaginative and prescient addresses creation of demand, native manufacturing capabilities, infrastructure and gives a transparent and complete regulatory framework that can encourage and facilitate NGE (non-governmental entities) participation within the development of the space sector.

Dr. Pawan Goenka, chairman, IN-SPACe mentioned, “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.”

Elaborating on the salient options of the decadal imaginative and prescient and technique, Dr. Goenka mentioned that the space ecosystem is broadly divided into three teams – Space-for-Earth, Access-to-Space and Space-for-Space.

IN-SPACe goals to obtain the decadal imaginative and prescient and technique for Indian space economy by 10 key strategic and enabling capabilities, that are

1. Demand era
2. Earth Observation (EO) platform
3. Communication platform
4. Navigation platform
5. Research & Development eco-system
6. Creation of a expertise pool
7. Access to finance
8. International synergy
9. Collaboration
10. Policy and regulation