India’s space economy to grow nearly 5 times in next decade
ISRO’s strategic initiatives and investments are set to transform its space economy significantly, making it as one of the top players on the global stage.
India’s space economy is poised for significant growth over the next decade, with projections indicating an expansion from approximately INR 71400 Crores to around INR 374000 Crores by 2033.
This represents nearly a fivefold increase in value, as highlighted by Union Minister of State for Science and Technology, Jitendra Singh.
The global space economy is projected to reach about INR 1530,0000 Crores (1530 kharab) by 2035, with India aiming to capture approximately 8% of this market.
This growth will be supported by international collaborations and a focus on sustainable practices in space exploration, addressing challenges like space debris management.
Growth Drivers
Increased Investment: The Indian government has committed substantial resources to bolster the space sector, including a ₹1,000 crore Venture Capital Fund aimed at supporting start-ups and private sector initiatives in space technology.
Regulatory Reforms: The establishment of organizations like the Indian National Space Promotion and Authorization Centre (IN-SPACe) has streamlined regulations and encouraged private participation in space activities.
Technological Advancements: India is leveraging its strengths in satellite technology and cost-effective space missions, which have historically positioned it as a formidable player in the global market.
Private Sector Involvement: The rise of start-ups in the space sector, such as Skyroot Aerospace and Agnikul Cosmos, is fostering innovation through advanced technologies like 3D-printed rocket engines.
India’s ambitious plans include developing its own space station by 2035, further solidifying its position in the global space landscape.
The government’s vision emphasizes not only economic growth but also enhancing capabilities in high-tech industries through public-private partnerships and international cooperation.
Source : Space Daily News
