EXPANDING INDIA'S GALACTIC HORIZONS

India's space economy is set for significant growth as the nation continues to be a major global player, driven by momentum in the private sector, new industry entrants, substantial investments, and supportive policy initiatives.

- AYUSHEE CHAUDHARY

THE INDIAN SPACE SECTOR IS UNDERGOING A SIGNIFICANT transformation, evolving from being exclusively managed by ISRO to including a growing number of private companies and startups. This shift is driving economic growth, job creation, and technological advancements. In 2022, the Indian space market was valued at approximately $8.4 billion, accounting for about two per cent of the global space market. According to the decadal vision report by Indian National Space Promotion and Authorisation Centre (IN-SPACE) and Indian Space Research Organisation (ISRO), this market is poised to expand to $44 billion over the next decade, potentially capturing eight per cent of the global market and significantly boosting India's economy.

Globally, according to the recent World Economic Forum (WEF) report, the space economy is projected to reach $1.8 trillion by 2035, driven by its transition from a niche industry to one that offers solutions to some of the world's most pressing challenges. Space technologies are now integral to everyday life, impacting various industries. With over $70 billion invested in the sector in 2021 and 2022, space tourism is also on the horizon, led by high-net-worth individuals, projected to generate $4-6 billion by 2035. This growth is further supported by the increasing cultural interest in space and its potential to address global concerns such as climate monitoring, medical advances and improved humanitarian responses.

SCOPE OF THE SPACE ECONOMY

The space economy is often thought of as revolving around satellites, launchers, and services like broadcast TV and GPS.