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This was highlighted by Minister of State for Science & Technology.
- In 2021, Indian space industry chad a 2% global share in global space economy. This will rise to 15% by 2047.
Indian Space Economy Status
- In 2023, size of India’s space economy is estimated at $8.4 billion (around 2-3% of global space economy).
- Potential to capture 9% of global market share by 2030.
- Space Start-ups have increased to nearly 200 in 2024 from 1 in 2022.
- Rising involvement of private sector in space missions.
- For instance, Skyroot Aerospace successfully test-fired 3D-printed cryogenic engine capable of running on Cryogenic propellants liquefied natural gas and liquid oxygen.
- Presently, 100% FDI is allowed in space sector.
Concerns related to Indian Space Economy
- Constrained space budgets, space spending as a percentage of GDP remains relatively low.
- India only spends 0.04% of its GDP on space, whereas United States spends 0.28% of its economy on space.
- Dearth for trained scientists, engineers, and technicians to meet the demands of an expanding space program.
- Absence of clear national space legislation, which leads to a lack of clarity on planning and conducting space-related activities.
Steps taken in Space Sector
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