India's space economy may touch Rs 4.22 lakh crore by 2033: Report
New Delhi, Sep 12
India's space economy could expand to Rs 4.22 lakh crore by 2033 due to policy reforms, greater private sector participation and growing demand for space-enabled services, according to a report.
According to a joint report by EY and the Confederation of Indian Industry (CII), said the Indian Space Policy 2023, reforms introduced through the Indian National Space Promotion and Authorization Centre (IN-SPACe) and the role of NewSpace India Ltd. (NSIL) have laid the foundation for a transition from a government-led space programme to a more industry-driven ecosystem.
Achieving the projected growth will require coordinated efforts by government agencies, industry, startups, investors, academia and strategic users over the next seven to eight years, it said.
The report identified six priority areas for action, including scaling adoption of space-based applications across sectors, strengthening domestic manufacturing and launch capabilities, improving the regulatory and financing environment, leveraging government demand to support commercial adoption, enhancing defence and strategic space capabilities and positioning India as a global space partner and export hub.
In addition, the entire space value chain covers upstream activities such as satellite manufacturing, launch vehicles, propulsion systems and avionics; midstream segments including ground infrastructure and satellite operations; and downstream applications such as Earth Observation (EO), satellite communications (SATCOM), navigation services and geospatial analytics.
Mallavarapu Apparao, Chairman of the CII National Committee on Space, said India's space sector has evolved from a scientific exploration programme into an innovation-driven economy supported by satellite-enabled services and applications.
CDR Gautam Nanda, Partner, Aerospace, Defence and Space at EY India, said the next phase of growth would depend on building industrial depth, commercialising technologies, strengthening supply chains and translating satellite-generated data into actionable services across commercial, public and strategic sectors.
Moreover, downstream applications are increasingly supporting agriculture, logistics, disaster management, infrastructure planning, climate resilience and governance, while also strengthening defence capabilities through secure communications and maritime domain awareness, according to the report.
The report also highlighted that unlocking greater value from the space economy will require wider adoption of satellite data, stronger analytics capabilities, skilled talent and interoperable digital platforms.
— IANS
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