World Economic Forum Official Highlights India’s Rising Role in Global Space Sector

Sebastian Buckup, a member of the executive committee of C4IR at the World Economic Forum (WEF), recently emphasized the growing enthusiasm surrounding India’s space endeavors.

In an interview with PTI, Buckup noted that India is increasingly viewed as a role model for emerging space nations, attracting talent from around the world and inspiring entrepreneurship within the sector.

Buckup stressed the importance of fostering international partnerships to support the inclusive and responsible growth of the space sector.

He highlighted the potential of establishing a ‘space public infrastructure’ in India to catalyze space entrepreneurship, following his meetings with stakeholders including representatives from INSPACe and ISRO, as well as both emerging and established space enterprises during his visit to India.

The launch of the space technology program by the Centre for the Fourth Industrial Revolution (C4IR) in India further underscores the momentum of the private space sector in the country, aiming to facilitate international collaboration.

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Buckup emphasized that India has ascended to a prominent position among global space actors and advocated for a shift in the narrative to accurately reflect India’s achievements in the field.

Looking ahead, Buckup predicted that the space industry would evolve into a trillion-dollar industry, with every economy and company eventually becoming involved in space-related endeavors. He emphasized that this increasing interest would drive down costs, stimulate innovation, and yield economic and societal benefits.

According to the Indian National Space Promotion and Authorization Centre (IN-SPACe), India’s space economy is currently valued at around nine billion dollars, representing a two percent share of the global space economy. IN-SPACe projects that India’s space economy could reach 44 billion dollars by 2033, capturing approximately 8 percent of the global market.