Bengaluru, October 10, 2023 IN-SPACe (Indian National Space Promotion and Authorization Centre), the single-window, autonomous, nodal agency under the Department of Space (DOS) today unveiled the decadal vision and strategy for Indian Space Economy. The decadal vision and strategy has been developed by IN-SPACe and ISRO along with other stakeholders. The strategy defines India’s vision as ‘a dominant global space power, which accelerates India’s growth through space applications, strengthens capabilities in space, creates socio-economic benefits and capabilities for growth’ to meet the country’s ambitions for the space sector.
Dr. Pawan Goenka, Chairman, IN-SPACe said, “As we unveil the decadal vision for Indian Space Economy, we emphasize that the future of the Indian space sector is a shared endeavor. 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.”
At present, the Indian space economy is valued at around $8 billion with a 2% share in the global space economy. India’s space economy has the potential to reach $44 billion by 2033 with about 8% of the global share. 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.says release.
