India’s Space Economy Poised For Huge Growth, Expected To Reach $44 Billion By 2033: Report

India’s space economy is set to grow rapidly. A new FICCI-EY report estimates it could reach $44 billion by 2033.

The country’s space industry is expanding quickly, driven by advancements in satellite technology, space exploration, and private sector involvement.

Startups are increasing their participation, and key government initiatives are driving India’s space capabilities.

These efforts are expected to align with global trends and drive vast opportunities for economic growth and job creation.

India’s Space Economy Set To Grow By 400% By 2033

India will likely grow its space economy by 400% over the next decade, increasing from $8.4 billion in 2022 to an estimated $44 billion by 2033.

The FICCI-EY report highlights that India will capture 8% of the global space market share, reshaping the country’s space capabilities through increased private sector involvement and international collaboration.

The government’s initiatives have laid a strong foundation for commercialization and innovation in the space sector.

This sets the stage for India to become a global leader in space exploration and technology.

Satellite Communication To Contribute $14.8 Billion To Space Economy

Satellite communication will be a major driver of India’s space economy growth, adding an estimated $14.8 billion by 2033.

Dr. Pawan Goenka, Chairperson of IN-SPACe, highlighted the critical role satellite communication plays in India’s digital journey.

By leveraging Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellites, India plans to enhance broadband penetration, supporting key national initiatives like Digital India and BharatNet.

These efforts aim to improve connectivity across the country, fostering the rapid adoption of digital technologies in rural areas.

Private Sector And Global Partnerships To Drive Expansion

The growing involvement of the private sector will be crucial in expanding India’s space economy.

As Dr. Goenka noted, “India’s space industry is transitioning from a government-centric model to a commercially driven, innovation-oriented ecosystem.” The Earth Observation Preparatory Program (EOPP) is one such initiative, designed to launch private satellites into space and provide data essential for industries like agriculture and disaster management.

Former ISRO Chairman Dr. AS Kiran Kumar emphasized the importance of global partnerships and private sector innovation in propelling India’s rise as a dominant force in space exploration. Private funding and strategic international collaborations will help India achieve its ambitious goals in the space sector.

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