Indian National Space Promotion and Authorization Centre (IN-SPACe) unveiled the decadal vision and strategy for the Indian space economy, on October 10.
IN-SPACe is the single-window, autonomous, nodal agency under the Department of Space. The decadal vision and strategy has been developed by IN-SPACe and ISRO along with other stakeholders.
At present, the Indian space economy is valued at around ₹6,700 crore ($8.4 billion) with a 2% share in the global space economy.
As per IN-SPACe’s projection, India’s space economy has the potential to reach ₹35,200 crore ($44 billion) by 2033 with about 8% of the global share.
At present, the share of the domestic market is ₹6,400 crore ($8.1 billion). The export market share is ₹2,400 crore ($0.3 billion). The aim is to increase the domestic share to ₹26,400 crore ($33 billion), and the export share to ₹88,000 crore ($11 billion).
Besides, an investment of ₹17,600 crore ($22 billion) is envisioned in the next 10 years
The decadal vision addresses creation of demand, local manufacturing capabilities, 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.
Dr. Pawan Goenka, chairman, IN-SPACe said, “As we unveil the decadal vision for 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. ISRO is opening its doors wider than ever to private sector participation, so that together, we can successfully boost the space economy for a resurgent Aatmnirbhar Bharat.”
Elaborating on the salient features of the decadal vision and strategy, Dr. Goenka said that the space ecosystem is broadly divided into three groups – Space-for-Earth, Access-to-Space and Space-for-Space.
IN-SPACe aims to achieve the decadal vision and strategy for Indian space economy through 10 key strategic and enabling capabilities, which are
- Demand generation
- Earth Observation (EO) platform
- Communication platform
- Navigation platform
- Research & Development eco-system
- Creation of a talent pool
- Access to finance
- International synergy
- Collaboration
- Policy and regulation
