India’s space economy is continuously growing. According to media reports, the world’s space economy was around $277 billion in 2010. It would increase to $546 billion in the year 2022. India’s share in the space economy is expected to reach 10 per cent by the decade’s end. Space companies also face challenges such as a lack of funding and the gap in demand and availability of technology and resources.
To take full advantage of this sector, it is necessary to overcome these challenges. The space sector will not only strengthen the country’s security, but it also has the potential to enhance the entire economy, including agriculture and the medical industry.
Preparation To Increase Space Economy
Let us tell you that India’s space sector can grow from $8.4 billion to $44 billion in the next decade. The Department of Space has issued a letter on increasing the space economy. It said that with the right public-private partnership, India can achieve an 8% global market share by 2033, with exports worth $11 billion.
Great Possibilities In The Future
According to media reports, IN-SPACe Chairman Pawan Goenka has said that to achieve a $44 billion economy, an enabling policy environment and big stakes from the private sector will be required.
According to him, the Indian space policy has already come, and the FDI policy is about to be released. ISRO has started taking over the private sector with expertise. Now, we need startups to make bigger bets in the space sector; older companies must move from suppliers to ISRO to play a more significant role in technology and systems.
Open Doors To Private Sector
According to ISRO Chairman S Somnath, the success of Chandrayaan-3 has opened many more avenues for the private sector. He emphasized that the new space policy does not prevent the private sector from investing in any technology in the space sector.
According to him, more missions can be launched on the Moon, and the possibility of sending humans to other planets cannot be ruled out. We are considering scientific expansion, such as missions to Venus, Mars and other planets.
