India’s Space Economy Has Potential To Reach Rs 35,200 Crore By 2033 With 8% Of Global Share

* IN-SPACe unveils decadal vision and strategy for Indian space economy

India's space sector has the potential to grow from $8.4 billion currently to $44 billion in the next decade. IN-SPACE-e, an autonomous body under the Department of Space, has rolled out a white paper on how to grow the space economy.

The decadal vision addresses creation of demand, local manufacturing capabilities, infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate NGE (non-governmental entities) participation in the growth of the space sector. 

Indian National Space Promotion and Authorization Centre (IN-SPACe) unveiled the decadal vision and strategy for the Indian space economy, on October 10. Infact, 

IN-SPACe is the single-window, autonomous, nodal agency under the Department of Space. The decadal vision and strategy has been developed by IN-SPACe and ISRO along with other stakeholders.

At present, the Indian space economy is valued at around Rs 6,700 crore ($8.4 billion) with a 2% share in the global space economy.

As per IN-SPACe’s projection, India’s space economy has the potential to reach Rs35,200 crore ($44 billion) by 2033 with about 8% of the global share.

At present, the share of the domestic market is Rs 6,400 crore ($8.1 billion). The export market share is Rs 2,400 crore ($0.3 billion). The aim is to increase the domestic share to Rs 26,400 crore ($33 billion), and the export share to Rs 88,000 crore ($11 billion).

Besides, an investment of Rs 17,600 crore ($22 billion) is envisioned in the next 10 years

The decadal vision addresses creation of demand, local manufacturing capabilities, infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate NGE (non-governmental entities) participation in the growth of the space sector.

Dr. Pawan Goenka, chairman, IN-SPACe said, “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 features of the decadal vision and strategy, Dr. Goenka said that the space ecosystem is broadly divided into three groups – Space-for-Earth, Access-to-Space and Space-for-Space.

S. Somanath, Secretary, DoS and Chairman, ISRO said, “The recent space sector reforms by the Government of India has given a thrust in enabling the private sector to play a significant role in the development of the Indian space ecosystem. 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 endeavor."

Salient Features of the Decadal Vision and Strategy

The space ecosystem is broadly divided into three groups – Space-for-Earth, Access-to-Space and Space-for-Space.  Decadal Vision and Strategy for Indian Space Economy will be achieved through ten key strategic and enabling capabilities viz.

1.    Demand Generation

2.    Earth Observation (EO) platform

3.    Communication Platform

4.    Navigation Platform

5.    Research & Development

6.    Ecosystem

7.    Creation of a talent pool

8.    Access to Finance

9.    International Synergy and Collaboration

10. Policy and Regulation

The space economy decadal vision will create a thriving space ecosystem and expedite the emergence of India as a global space hub.