India’s Space Economy has been growing steadily for the last few years, and India has made several significant contributions to the field of space exploration. Now, the Chairman of the Indian National Space Promotion and Authorisation Centre ( IN-SPACe), Pawan Goenka has estimated that the Indian space economy will reach more than $44 billion by 2033, with a market share of more than 8%.
The chairman of IN-SPACe said that at present, the size of the Indian Space economy is $8 billion with around 2% market share in the global space economy. “As we unveil the decadal vision for the Indian Space Economy, we emphasise that the future of the Indian space sector is a shared endeavour. Hence, our strategy fosters an era of collaboration between all stakeholders to accelerate growth”, he further added.
The initiative taken by the IN-SPACe to allow private OEMs to participate in the space industry has opened the doors to immense possibilities which will help India grow as a powerful space economy.
Goenka also mentioned that the objective of IN-SPACe is two-fold, the first is to ensure that each and every satellite that goes into the Indian orbit is regulated and authorised by the Indian National Space Promotion and Authorisation Centre. The second is to encourage the private sector to increase their contribution to the Indian Space Industry.
This is a good direction for the Indian Space Organisation to head towards and the involvement of the private sector can be very beneficial to the cause.