IN-SPACe, the Indian Space Promotion and Authorisation Centre, has revealed an exciting outlook for India’s space economy. They predict that by 2033, it could grow to a staggering $44 billion, a significant jump from the current $8.4 billion. This is a very promising development for India’s space sector.
India currently only has a 2% share in the global space market. IN-SPACe has set ambitious goals to boost this share to 8% by 2033, which also includes targeting $11 billion in exports over the next decade. Pawan Goenka, the Chairman of IN-SPACe, presented these insights, highlighting the enormous potential in India’s space ecosystem.
These projections are in line with IN-SPACe’s aims to increase its domestic market share to $33 billion and export share to $11 billion by 2033. This would require an estimated $22 billion in investments over the next 10 years. It’s a significant undertaking that shows India’s commitment to its space industry.
IN-SPACe has identified ten key strategic capabilities :
To achieve these ambitious targets, IN-SPACe has identified ten key strategic capabilities. These include generating demand, improving earth observation, enhancing communication and navigation platforms, boosting research and development, and fostering international collaboration, among others. This multifaceted strategy is designed to strengthen India’s position in the global space economy and involve non-governmental entities in space activities.
IN-SPACe has also put forth a vision for a specialized launch center dedicated to small satellites within the private sector. This center is expected to be operational in Tuticorin within two years. While ISRO’s rockets won’t launch from this center due to its smaller scale compared to the Satish Dhawan Space Centre, it’s a significant step toward encouraging private sector involvement in space activities.
Another part of IN-SPACe’s grand vision is to strengthen the NavIC constellation and expand its market reach in the Indian Ocean Region. This initiative will not only enhance India’s space capabilities but also have a broader regional impact.
Education and skill transfer programs are vital in nurturing talent and expertise in the space sector. IN-SPACe plans to improve space education and skill transfer initiatives, ensuring that the workforce is well-prepared for the challenges and opportunities in the space industry.
IN-SPACe is also establishing a space outreach wing. This will help assess value propositions, prioritize sectors, and raise awareness within the space ecosystem. Effective communication and engagement are key to achieving their goals.
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