India's space economy to reach $44 billion by 2033

11 Oct 2023 CW Team

IN-SPACe (Indian National Space Promotion and Authorisation Centre), the single-window autonomous agency under the Department of Space (DOS), today announced the Indian space economy's decadal vision and plan.

IN-SPACe Chairman Pawan Goenka remarked to reporters here:

“As we unveil the decadal vision for the 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.” He said 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’ (self-reliant India).

The Indian space economy is currently valued at roughly USD eight billion, with a 2% share of the global space economy. According to Goenka, India's space economy has the potential to reach USD 44 billion by 2033, accounting for around 8% of the worldwide share.

IN-SPACe and ISRO, along with other stakeholders, created the decadal vision and strategy, according to a statement from IN-SPACe.

The plan highlights India's vision as a dominating global space power, which it added promotes India's growth through space applications, strengthens capabilities in space, and produces socioeconomic benefits and growth capacities to satisfy the country's space sector aspirations.

The vision emphasizes key strategic and enabling capabilities such as demand generation, earth observation platform, communication platform, navigation platform, R&D, ecosystem, talent pool creation, access to finance, international synergy and collaboration, policy and regulation.

According to Goenka, the decadal strategy tackles demand creation, indigenous manufacturing capabilities, infrastructure, and provides a clear and complete legislative framework that will encourage and support NGE (non-governmental enterprises) engagement in space sector expansion.

The decadal vision, according to ISRO Chairman S Somanath, sets a path for how the Department of Space, IN-SPACe, and ISRO would drive the rise of private operators.

India's space economy has the potential to reach USD 44 billion by 2033, accounting for around 8% of the worldwide share. According to a top government official, the country's current share of the global space economy is 2%.IN-SPACe (Indian National Space Promotion and Authorisation Centre), the single-window autonomous agency under the Department of Space (DOS), today announced the Indian space economy's decadal vision and plan.IN-SPACe Chairman Pawan Goenka remarked to reporters here: “As we unveil the decadal vision for the 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.” He said 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’ (self-reliant India). The Indian space economy is currently valued at roughly USD eight billion, with a 2% share of the global space economy. According to Goenka, India's space economy has the potential to reach USD 44 billion by 2033, accounting for around 8% of the worldwide share.IN-SPACe and ISRO, along with other stakeholders, created the decadal vision and strategy, according to a statement from IN-SPACe.The plan highlights India's vision as a dominating global space power, which it added promotes India's growth through space applications, strengthens capabilities in space, and produces socioeconomic benefits and growth capacities to satisfy the country's space sector aspirations.The vision emphasizes key strategic and enabling capabilities such as demand generation, earth observation platform, communication platform, navigation platform, R&D, ecosystem, talent pool creation, access to finance, international synergy and collaboration, policy and regulation.According to Goenka, the decadal strategy tackles demand creation, indigenous manufacturing capabilities, infrastructure, and provides a clear and complete legislative framework that will encourage and support NGE (non-governmental enterprises) engagement in space sector expansion.The decadal vision, according to ISRO Chairman S Somanath, sets a path for how the Department of Space, IN-SPACe, and ISRO would drive the rise of private operators.

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