India's space economy projected to grow to $44 billion by 2033, reveals FICCI-EY report

India's space economy is poised for a huge jump, with estimates indicating it could touch a whopping $44 billion by 2033, as per a new FICCI-EY report. The nation's fast-growing space industry is ready to emerge as a global leader, fueled by technological advancements in satellite launches, space exploration, and private sector participation. With increasing participation of startups and government initiatives, India's space capabilities are poised to catch up with world trends. The space industry is not only unfolding new horizons in space but is also set to generate thousands of jobs and stimulate economic growth. The prospects of India's space odyssey are brighter than ever.

India's space economy is estimated to expand exponentially with the nation's target to touch $44 billion by 2033, while in 2022 it stood at mere $8.4 billion. As per the FICCI-EY report, the quick growth of the space sector will dominate 8% of the global market share. "The coming decade is poised to reshape India's space abilities, with the driving force of private sector engagement and heightened global collaboration," reads the report. Initiatives such as the Indian Space Policy 2023 by the government have played a crucial role in developing a culture in which commercialisation and innovation can blossom. The space economy growth objectives of India signal a major push towards global domination of space exploration and technology.

One of the key drivers for this remarkable growth projection is the contribution satellite communication will make. By 2033, the sector is predicted to add $14.8 billion to the space economy. Dr. Pawan Goenka, Chairperson of IN-SPACe, reiterated that "satellite communication is central to India's digital journey, particularly in rural and remote regions." India plans to improve broadband penetration through the use of Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellites. These technological developments in satellites are complementary to national programs such as Digital India and BharatNet, which are pivotal to improving connectivity in the country and speeding up the use of digital technologies in rural areas.

One of the main drivers of the growth of India's space economy will be the participation of the private sector. "India's space industry is moving from a government-centric model to a commercially oriented, innovation-driven ecosystem," Dr. Goenka said. This change is already underway with the Earth Observation Preparatory Program (EOPP), which is designed to take private satellites to space, offering data that is essential for industries such as agriculture and disaster management. As Dr. A.S. Kiran Kumar, former ISRO Chairman, highlighted, "Global partnerships and private sector innovation will be the cornerstone of India's rise as a dominant force in space exploration." Private funding coupled with strategic international partnership will push India's space sector towards its ambitious goal.