Experts say India has the potential of a USD 100 billion space economy by 2040

In a bold stride towards claiming a more significant stake in the global space economy, India has set an ambitious target to quintuple its share from the existing USD 8 billion.
This goal, articulated by Union Minister of State Jitendra Singh during the unveiling of the Technical Centre of the Indian National Space Promotion and Authorization Centre (IN-SPACe) in Ahmedabad on Tuesday (March 5, 2024), edges India towards being a powerhouse in the space sector.
“India’s Space economy today stands at a modest USD 8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of USD 100 Billion by 2040,” MoS Singh said.
At the heart of India's space economy expansion is the landmark decision by the Modi government to liberalize the sector, inviting private participation and innovation. This move has catalysed a dynamic transformation, opening avenues for significant advancements and entrepreneurship. MoS Singh pointed to the transformative impact of this decision, emphasizing how it has bridged the gap between India's inherent talent and the global space arena.
Central to achieving India's ambitious goals is the IN-SPACe Technical Centre, a state-of-the-art facility designed to foster innovation and collaboration between the government and the private sector. By providing unparalleled access to testing and validation facilities, the centre is fully prepared to be a catalyst for groundbreaking advancements in space technology and exploration.
The technical centre in Ahmedabad, with its advanced infrastructure, is not just a facility; it's a symbol of India's strategic efforts to boost its space economy. It offers private companies and startups the opportunity to leverage ISRO's infrastructure, thereby accelerating the development of satellites, payloads, and launch vehicles. This initiative directly contributes to the goal of increasing India's share in the global space economy by facilitating the growth of domestic space startups and attracting foreign investment.
MoS Singh highlighted the exponential growth in private sector participation since the sector's opening, with nearly 200 space startups emerging and over Rs.1,000 crore invested in just the current financial year. The IN-SPACe Technical Centre plays an important role in nurturing the ecosystem required to propel India towards its $100 billion target evidenced by the surge in entrepreneurial activity and investment.
Moreover, the centre's focus on satellites and payloads, along with its facilities for launch vehicles and mission planning, follows the comprehensive approach India is taking. By emphasizing cost-effective space missions and fostering a symbiotic relationship between research, academia, startups, and industry, the centre is pivotal in realizing the vision of a globally competitive Indian space sector.
The IN-SPACe Technical Centre is the primary facility which houses India's plan to quintuple its share in the global space economy by 2040. It represents a strategic investment in India's future as a space superpower, where innovation, collaboration, and entrepreneurship are the key drivers. As India advances towards this goal, it opens a new era in space exploration and economic growth.