India’s Space Economy Poised for Fivefold Growth

 India's Space Economy Poised for Fivefold Growth, Contributing to Viksit Bharat 2047 Vision

India’s Space Economy

• Current Status: The Indian space economy is valued at $8.4 billion, representing 2% of the global space market.
• Contribution to the Economy: Over the last decade, it contributed ₹20,000 crore to India's GDP and supported 96,000 jobs.
• Economic Impact: Every dollar invested in the space sector generates a $2.54 economic impact, making the space industry 2.5 times more productive than India's broader economy.
• Vision for Growth: The government aims to capture 8% of the global space market by 2033, expanding the space economy to $44 billion.

Space Technology’s Role in Nation-Building

• Land Digitization: The Swamitva scheme uses satellite technology to provide transparent land records.
• Resource Mapping: Space technology supports resource mapping of the Himalayas and marine resources.
• Women in Space: Women account for 20-25% of ISRO’s workforce, playing key roles in major missions such as Chandrayaan.
• Navigation & Communication: ISRO’s NavIC system enhances national positioning and connectivity.

Initiatives Undertaken

• Space Budget: The space budget has nearly tripled, from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-2026.
• Indian National Space Promotion and Authorization Center (INSPACe): Established in 2020, INSPACe promotes and oversees private sector participation in space activities.
• Other Initiatives: Key initiatives include the Indian Space Policy 2023, 100% Foreign Direct Investment (FDI), and a ₹1,000 crore Venture Capital (VC) Fund.

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