India's space economy set to soar to $44 billion by 2033: IN-SPACe chairman 

The Indian Space Promotion and Authorisation Centre (IN-SPACe) has unveiled a promising outlook for India's space economy, forecasting it to reach $44 billion by 2033, a remarkable surge from the current $8.4 billion.

With India accounting for just 2 per cent of the global space market, IN-SPACe aims to significantly enhance its position, targeting 8 per cent of the worldwide market share by 2033, including $11 billion in exports over the next decade.

Pawan Goenka, Chairman of IN-SPACe, shared these insights during the recent presentation, emphasising the potential for India's space ecosystem.

These projections also align with IN-SPACe's goal to increase domestic market share to $33 billion and export share to $11 billion by 2033, requiring an estimated $22 billion in investments over the next 10 years.

According to reports, to achieve this visionary target, IN-SPACe's comprehensive approach centres around ten key strategic capabilities, encompassing demand generation, earth observation, communication and navigation platforms, research and development, and international collaboration, among others .This multifaceted strategy seeks to fortify India's position in the global space economy while promoting participation from non-governmental entities.

Furthermore, IN-SPACe has outlined its vision for a specialised launch centre dedicated to small satellites within the private sector, expected to become operational in Tuticorin within two years. Although Isro's rockets won't launch from this centre due to its smaller scale compared to the Satish Dhawan Space Centre, it marks a significant step toward supporting private sector involvement in space activities.

IN-SPACe's grand vision extends to strengthening the NavIC constellation and expanding its market reach in the Indian Ocean Region. It also focuses on enhancing India's space education and skill transfer programs to nurture talent and expertise. The establishment of a space outreach wing will further assess value propositions, prioritise sectors, and boost awareness within the space ecosystem.

These initiatives are part of IN-SPACe's comprehensive strategy to shape India's space economy and solidify its standing on the global stage.

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