India's space economy is set to grow fivefold, significantly contributing to the nation's vision of Viksit Bharat 2047.
India’s Space Economy
- Current Status: Indian space economy is valued at $8.4 billion, accounting for 2% of the global space market.
- Contribution to Economy: It contributed ₹20,000 crore to GDP in the last decade and supported 96,000 jobs.
- Every dollar in the space sector generates a $2.54 economic impact, making it 2.5 times more productive than India's broader industry.
- Vision: The government aims to capture 8% of the global space market by 2033, expanding the economy to $44 billion.
Space Technology’s Role in Nation-Building
- Land Digitization: E.g., Swamitva scheme leverages satellites for transparent land records.
- Resource Mapping: Space tech aids in harnessing Himalayan & marine resources.
- Women in Space: Women make up 20-25% of ISRO’s workforce, contributing to key missions like Chandrayaan.
- Navigation & Communication: ISRO’s NavIC enhances national positioning & connectivity.
Initiatives Undertaken
- Space Budget: Almost tripled from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-2026.
- Indian National Space Promotion and Authorization Center (IN-SPACe): Established in 2020 to promote & oversee private sector involvement in space activities.
- Other: Indian Space Policy 2023, 100 % FDI, 1,000 crore Venture Capital (VC) Fund etc.
