IN-SPACe on India’s Space Sector Growth Projection

By R. Anil Kumar

Synopsis

• IN-SPACe unveils Decadal Vision and Strategy for Indian Space Economy
• Strategic Roadmap to accelerate India’s leadership in the Global Space Sector and promote Private Sector participation

Bangalore, October 10. India’s Space Economy has the potential to reach USD 44 Billion from the present 8.4 Billion US Dollars, by 2033, said Dr. Pawan Goenka, Chairman IN-SPACe.

Addressing a Media Conference in Bengaluru, Dr. Goenka said India’s Space Economy with its present share standing at 2% of the global space economy, has the potential to grow to 8% in a decades time.

“India is among the leading Space faring-nations in the world, and is globally recognised for its ability to deploy the most cost- effective Space Missions.”, Goenka said.

Stating that that the current Global Space Economy is at USD 44O billion with India’s Space Economy at 8.4 billion, Goenka said the future looks bright with India achieving big in recent Space Missions that includes Chandrayaan 3 and Aditya L1 .

The “Decadal  Vision and Strategy” developed by IN-SPACe and ISRO along with various other stakeholders, addresses creation of demand, local manufacturing capabilities, infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate Non-governmental entities (NGEs) participation in the growth of the Space Sector, Goenka stated.

“ISRO is opening its doors wider than ever to private sector participation, so that the participation of all the stake-holders together will successfully boost the Space Economy for a resurgent ‘Atmanirbhar Bharat’, the vision of Prime Minister Narendra Modi”, Goenka added.

Space Sector in India has already witnessed significant momentum after the announcement of Space Sector reforms, he said and stated that the Country which had a single start-up in the year 2014, presently boasts of over 200 Plus start-ups, today, contributing significantly for the  growth of the sector.

The Investment in Indian Space Sector has increased from $ 6 million in 2019 to over $ 110 million in 2022, he said.

To accelerate the start-up culture in the Country, IN-SPACe has taken up numerous initiatives and one of them is the launch of Seed Fund Scheme to provide initial financial assistance to Space Start-ups.

The Seed Fund is aimed at helping Start-ups bring their projects off the ground. This support also includes access to funding, mentorship, training and networking opportunities.

There are different sector specific opportunities announced periodically under the IN-SPACe Seed Fund Scheme, with the first announcement of an opportunity for agriculture being made in April 2023.

Further, IN-SPACe periodically connects with the industry through various platforms including conferences and webinars to provide expert help and connecting with mentors to hand-hold Space Start-ups, a statement released from IN-SPACe has said.