Member of Parliament Kartikeya Sharma has been consistently raising issues concerning every section of society, including youth, farmers, and women, in the parliament. His endeavor is to bring the problems of the common people to the forefront for timely resolution. In this sequence, he posed questions in the house regarding the current state of India’s space economy, and the share of government and private institutions in it. He also inquired about the progress made in the country’s space economy over the past five years and whether the government contemplates increasing the private sector’s participation in the space economy.
In response, Minister of State Dr. Jitendra Singh, in the Parliament, provided information, estimating the current size of India’s space economy to be around 84 billion US dollars. He mentioned that the downstream service market, primarily encompassing communication and data applications, contributes nearly 80% to the entire space economy, where the private sector plays a significant role. According to various market surveys, the space economy has grown by an average of 8% annually.
To enhance the private sector’s participation in the Indian space economy, the government has taken several steps. These initiatives include liberalizing the space sector and granting permission to private entities to organize maiden space missions. Additionally, the Indian Space Promotion and Authorization Center (IN-SPACe) has been established to regulate and oversee the activities of non-governmental companies (NGEs) in the space sector.
Dr. Singh highlighted the release of the Indian Space Policy 2023, defining the roles and responsibilities of all stakeholders contributing to India’s comprehensive space ecosystem. Furthermore, various plans like Seed Fund Scheme, Pricing Support Policy, Mentorship Support, Design Laboratory for NGEs, and skill development in the space sector have been announced and implemented through IN-SPACe.
The ambitious target for India’s space economy by 2033 is approximately 44 billion US dollars, with the private sector expected to play a crucial role in achieving these projected figures. It is anticipated that the private sector will autonomously contribute significantly to satellite construction, launch services, and ground systems’ development. Investment in space startups has risen from 6 million US dollars in 2019 to over 125 million US dollars in 2023, totaling around 370 million US dollars.
