INDIA’S SPACE ECONOMY SET FOR FIVE FOLD EXPANSION

GS3 SCIENCE AND TECH: 

India’s space sector is poised for a fivefold increase, playing a vital role in achieving the vision of Viksit Bharat 2047.

Overview of India’s Space Economy

• Current Value: Valued at $8.4 billion, India holds a 2% share of the global space market.
• Economic Contribution: Over the past decade, it has added ₹20,000 crore to GDP and created 96,000 jobs.
• Economic Multiplier: Each dollar invested in the space sector yields $2.54 in economic impact, making it 2.5 times more productive than India’s overall industry.
• Future Goal: The government targets an 8% global market share by 2033, growing the sector to $44 billion.

Space Technology’s Contribution to Nation-Building

• Land Digitization: Programs like the Swamitva scheme use satellite technology for transparent land documentation.
• Resource Exploration: Space tech supports tapping Himalayan and marine resources.
• Women’s Participation: Women constitute 20-25% of ISRO’s workforce, contributing to missions like Chandrayaan.
• Navigation and Connectivity: ISRO’s NavIC system improves national positioning and communication.

Key Initiatives

• Space Budget: Increased nearly threefold from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-26.
• IN-SPACe (2020): Facilitates and regulates private-sector involvement in space activities.
• Additional Measures: Includes the Indian Space Policy 2023, 100% FDI allowance, and a ₹1,000 crore Venture Capital Fund.