India's Space Economy To Reach $44 Billion By 2033 Says Pawan By CIOTechOutlook Team

India's Space Economy To Reach $44 Billion By 2033 Says Pawan

CIOTechOutlook Team | Wednesday, 11 October 2023, 02:42 IST

The Indian space economy has the potential to grow from $8.4 billion to $44 billion in the next ten years, according to Pawan Goenka, head of the Indian National Space Authorisation Centre (IN-SPACe). This prognosis is based on internal company calculations. India is responsible for only 2% of the global space economy. IN-SPACe aspires to grab 8% of the worldwide market by 2033, including $11 billion in exports over a 10-year period.

He also announced that an exclusive launch centre for the private sector's small satellites has been planned in Tuticorin which is expected to be ready in two years. The land for the same has already been acquired. Isro's rockets, however, may not be launched from there, he said, since it will be smaller compared with the Satish Dhawan Space Centre (SDSC) in Sriharikota. This will be Isro's second launch centre after SDSC, as per economic times.

These steps are included in IN-SPACe's decadal vision and plan for the Indian space economy, which was launched . IN-SPACe is the Department of Space's single-window, independent nodal agency. The domestic market now accounts for $8.1 billion, while the export market accounts for $0.3 billion. The goal is to boost domestic spending to $33 billion and export spending to $11 billion.

Goenka estimated that a $22 billion investment will be necessary over the following ten years to meet the $44 billion value objective.