IN-SPACe Chairman says India’s space economy to reach $44 billion by 2033

The Indian Space Promotion and Authorization Center (IN-SPACe) has revealed a promising outlook for India’s space economy, estimating it to reach $44 billion by 2033, a significant increase from the current $8.4 billion. Is.

With India’s share in the global space market being only 2 percent, IN-SPACe aims to significantly enhance its position, aiming for 8 percent share of the worldwide market by 2033, with exports worth $11 billion over the next decade. also includes.

IN-SPACe Chairman Pawan Goenka shared these insights during a recent presentation, emphasizing the potential of India’s space ecosystem.

These projections are in line with IN-SPACe’s goal of increasing domestic market share to $33 billion and export share to $11 billion by 2033, which will require an estimated investment of $22 billion over the next 10 years.

According to reports, to achieve this visionary goal, IN-SPACe’s comprehensive approach focuses on ten key strategic capabilities, including demand generation, Earth observation, communications and navigation platforms, research and development, and international cooperation. This multifaceted strategy seeks to strengthen India’s position in the global space economy while promoting the participation of non-governmental organizations.

Additionally, IN-SPACe has outlined its vision for a specialized launch center dedicated to small satellites within the private sector, which is expected to be operational at Tuticorin within two years. Although ISRO rockets will not launch from this center due to its smaller scale compared to the Satish Dhawan Space Centre, it is an important step towards supporting private sector participation in space activities.

IN-SPACe’s grand vision extends to strengthening the NavIC Group 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, prioritize sectors and promote awareness within the space ecosystem.

These initiatives are part of IN-SPACe’s broader strategy to shape India’s space economy and strengthen its position on the global stage.