India’s space economy projected to reach $44 billion in next decade

India’s space economy has the potential to reach $44 billion in the next decade with about eight per cent of the global share, said Pawan Goenka, chairman IN-SPACe (Indian National Space Promotion and Authorization Centre) the single-window, autonomous, nodal agency under the Department of Space (DOS), while unveiling the decadal vision and strategy for Indian Space Economy in Bengaluru.

At present, the Indian space economy is valued around $8 billion with a two per cent share in the global space economy, he said.

The decadal vision and strategy have been developed by IN-SPACe and ISRO along with other stakeholders. The strategy defines India’s vision as ‘a dominant global space power’ and seeks to accelerate the country’s growth through space applications. It also intends to strengthen capabilities in space and create socio-economic benefits and capabilities for growth’ to meet the country’s ambitions for the space sector.

“As we unveil the decadal vision for the Indian space economy, we emphasize that the future of the Indian space sector is a shared endeavor. Hence, our strategy fosters an era of collaboration between all stakeholders to accelerate growth. ISRO is opening its doors wider than ever to private sector participation so that together we can successfully boost the space economy. The decadal vision addresses the creation of demand, local manufacturing capabilities and infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate NGE (non-governmental entities) participation in the growth of the space sector,” said Goenka on the sidelines of a media briefing in Bengaluru.

The space ecosystem is broadly divided into three groups – Space-for-Earth, Access-to-Space and Space-for-Space. ‘Decadal Vision and Strategy for Indian Space Economy’ is expected to be achieved through ten key strategic and enabling capabilities such as demand generation, Earth Observation (EO) platform, communication platform, navigation platform, R&D, creation of a talent pool, access to finance, international synergy and collaboration and policy and regulation.

During his presentation, Goenka stated that an investment of $22 billion is envisioned in the next 10 years and the aspiration for the Indian space industry is to deliver $44 billion potential (8 per cent of global market) including $11 billion of exports over a 10-year period while creating capabilities for long term growth.

Broadly, the decadal vision aims to enhance India’s space market capabilities and establish a Space Outreach Wing within IN-SPACe to undertake assessment of value propositions, impact estimation and prioritization for various sectors. It also aims to demonstrate capabilities across EO, PNT and communication with focus on benefits to the end users and commercial feasibility, demand generation with the end-users by enhancing awareness and aggregate demand by building an interface between the end-users (e.g., farmers, builders etc.) and industry. Further, it also plans to create demand by developing unique applications from space-based data for government and consumers.

IN-SPACe decadel vision also aims at strengthening the current NavIC constellation with a capability to operate in L1 band and market NavIC in the Indian Ocean Region (IOR), develop talent and skill transfer programmes, including leveraging expertise of ISRO retired scientists, increase space academic courses, including undergraduate, postgraduate and short term courses to provide end-to-end knowledge in space technology, along with AI/ML and GIS courses.

IN-SPACe was formed on June 24 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure and facilities; and establishing new facilities under DOS. IN-SPACe is currently functioning with three directorates—Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD)—and Legal, Finance and Administration Wing with its headquarters at Ahmedabad. The Week