India Aims to Increase Space Economy to $44 Billion by 2033

11 Oct 2023 , 11:33 AM

The decadal vision and plan for the Indian space economy was unveiled on October 10 by the Indian National Space Promotion and Authorization Centre (IN-SPACe).

The Department of Space’s single-window, independent nodal agency is called IN-SPACe. Together with other partners, IN-SPACe and ISRO established the decadal vision and strategy.

The Indian space economy is currently estimated to be around Rs 6,700 crore ($8.4 billion) and accounts for 2% of the global space economy.

According to IN-SPACe’s forecast, India’s space economy might reach Rs 35,200 crore ($44 billion) by 2033, accounting for around 8% of the worldwide market.

The domestic market currently accounts for Rs 6,400 crore ($8.1 billion) of the total market. There is a Rs 2,400 crore ($0.3 billion) export market share. The target is to raise both the domestic and export shares to a combined total of Rs 26,400 crore ($33 billion) and Rs 88,000 crore ($11 billion), respectively.

In addition, a $22 billion investment is anticipated over the following ten years.

The decadal vision covers demand generation, local manufacturing capacity, infrastructure, and a clear, comprehensive regulatory framework that will support and encourage NGE (non-governmental enterprises) participation in the expansion of the space sector.

The chairman of IN-SPACe, Dr. Pawan Goenka, stated, ‘We highlight that the future of the Indian space sector is a common endeavour as we unveil the decadal vision for the Indian space economy. Therefore, in order to expedite growth, our strategy encourages a period of collaboration between all stakeholders. The private sector is now more welcome than ever at ISRO, and together, we can successfully grow the space industry for a revitalized Aatmnirbhar Bharat.

Dr. Goenka elaborated on the key components of the decadal vision and strategy, stating that the space ecosystem is essentially split into three categories: space for the earth, access to space, and space for space.

For feedback and suggestions, write to us at [e-mail]