Indian Economy News

India's goal is to have US$ 44 billion space economy by 2033: IN-SPACe chief

The launch of Agnikul Cosmos' Agnibaan rocket marks a significant milestone for India's space sector, showcasing the country's capability in complex rocket technology with the use of a semi-cryogenic engine. This launch, along with the developments by other private companies like Skyroot Aerospace and the upcoming Small Satellite Launch Vehicles (SSLV), positions India to become a global hub for small satellite launches. IN-SPACe, the commercial arm of ISRO, is facilitating this growth by establishing a dedicated launch centre at Kulasekharapatnam and promoting private sector participation. The increasing number of startups, which has grown from 21 to over 200 since September 2021, reflects the rapid advancement and commercialization in the sector.

The small satellite market is anticipated to be a major revenue source, with each launch vehicle potentially valued at Rs. 30-50 crore (US$ 3.60 million to US$ 6.00 million), contributing significantly to India's projected US$ 44 billion space economy by 2033. The new space and FDI policies have garnered positive global responses, encouraging foreign investment and business collaborations. As the sector prepares for substantial investment and revenue generation, IN-SPACe is also working on establishing a comprehensive Space Law to embed the regulatory framework into the parliamentary system, further solidifying India's space industry's legal and operational structure.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.