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This is an archive article published on October 10, 2023
India’s space economy can reach $44 billion by 2033: IN-SPACe
IN-SPACe, an independent autonomous agency under the Department of Space (DOS), Tuesday unveiled its decadal vision and strategy for the Indian space economy.
Dr. Pawan Goenka, Chairman, Indian National Space Promotion and Authorization Centre (IN-SPACe). (Express Photo)
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India’s space economy can reach $44 billion by 2033: IN-SPACe
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While, at present, the Indian space economy is valued at around $8.4 billion with a 2 per cent share in the global space economy, India’s space economy has the potential to reach $44 billion by 2033 with about 8 per cent of the global share, according to Dr Pawan Goenka, chairman, Indian National Space Promotion and Authorisation Centre (IN-SPACe).
IN-SPACe, an independent autonomous agency under the Department of Space (DOS), Tuesday unveiled its decadal vision and strategy for the Indian space economy.
“Investment of $22 billion is envisioned in the next 10 years. Our aim for the next 10 years is to realise $44 billion market potential in space for India, including $11 billion in exports, and create an ecosystem where private, public and startups collaborate in a whole-of-nation approach. We want India to become a hub for the launch of small-scale vehicles,” Goenka said.
The decadal vision developed by IN-SPACe and the Indian Space Research Organisation (ISRO) aims to regulate the Indian space sector and enable private sector participation in space activities.
Notably, IN-SPACe has initiated the process of transfer of Small Satellite Launch Vehicle (SSLV) technology. “This is the first-ever example of a space agency transferring a full design of a launch vehicle to the private sector. In September this year, IN-SPACe has transferred five crucial technologies developed by Space Application Centre, ISRO to private space companies,” Goenka said.
In its vision document, IN-SPACe has highlighted that it wants to establish a Space Outreach Wing to create demand by developing unique applications from space-based data for government and consumers. The wing will concentrate on creating a global space marketplace, with support from the public and private sectors.
IN-SPACe also aims to market ISRO’s regional navigation satellite system, Navigation with Indian Constellation (NavIC), in the Indian Ocean Region (IOR).
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Decadal Vision and Strategy for the Indian space economy will be achieved through 10 key strategic and enabling capabilities:
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 Indian Express Pvt Ltd
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