PARLIAMENT QUESTION: STRATEGIES TO EXPAND INDIA’S SHARE IN THE GLOBAL SPACE ECONOMY

PARLIAMENT QUESTION: STRATEGIES TO EXPAND INDIA’S SHARE IN THE GLOBAL SPACE ECONOMY

With the landmark space reforms in 2020, The Government of India has liberalized the Indian space sector and constituted, Indian National Space Promotion and Authorization Centre (IN-SPACe), an autonomous, single-window, independent nodal agency in Department of Space (DoS), to facilitate and promote the participation of private players/Non-Government Entities (NGEs) across the entire spectrum of space activities.

IN-SPACe carried out a market study in collaboration with ISRO, NGEs and a leading consulting firm which resulted in development of a report titled ‘Decadal Vision and Strategy for the Development of the Indian Space Economy’ a strategic document crafted to steer India’s space industry and economic prospects in the next decade.

The decadal vision report outlines a roadmap aimed at fully realizing the potential of space technology to drive economic growth, foster innovation, and enhance global competitiveness. The envisaged growth will be realized, through focused strategic & enabling initiatives aimed at Demand generation, Capacity & Capability building, creating industrial ecosystem, Cross sectoral collaborations for R&D, enabling access to finance, talent creation & international outreach.

IN-SPACe has undertaken/enabled following strategic initiatives/actions (not limited to), which will converge towards achieving the decadal vision targets of $44 billion by 2033:

These initiatives are strategically planned, regularly monitored, & periodically assessed, aligning with the current growth trajectory and evolving global market trends.

Indian space sector is poised to play a transformative role in the country’s technological and economic growth story, it must be positioned as a strategic enabler, not the sole engine of economic expansion. Space sector should be seen as a catalyst for broader sectoral development, not as a standalone pillar. For Balancing rapid expansion without getting over-reliant on Space sector or technologies, it is imperative to:

India should use space to enable Socio-economic impact more distributed and inclusive, through a diversified innovation-led growth model, where space acts as an integrator and enabler. It will help to ensure that India’s economic trajectory remains balanced, resilient, and inclusive without risking over-reliance on any key sector or technologies.

This information was given by Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy and Department of Space, MoS Personnel, Public Grievances and Pensions, in a written reply in the Rajya Sabha today.