- The Indian space economy is set to reach $13 billion by 2025, according to a joint report prepared by EY and the Indian Space Association (ISpA), an apex industry association of space and satellite firms in the country.
- According to the report, the space-launch segment would grow at a CAGR of 13%, spurred by growing private participation, latest technology adoption and low cost of launch services.
- The satellite services and application segment would form the largest share of the space economy accounting for 36% of the ecosystem by 2025.
- On the country’s satellite-manufacturing opportunity, EY and ISpA said that in 2020, it was $2.1 billion. This would reach $3.2 billion by the year 2025.
India Space Conclave
- Union Minister of State (Independent Charge) Ministry of Science and Technology, MoS PMO, Space and Atomic Energy, Dr Jitendra Singh said today that Indian StartUps will soon launch Space satellites as well as satellite constellations and try their rockets.
- The Minister also informed that five PSLVs are being domestically produced by L&T and HAL, while OneWeb is all set to launch their satellites through ISRO and NSIL.
- Speaking at the India Space Conclave in Delhi on the occasion of first anniversary of the Indian Space Association, ISpA, Dr Jitendra Singh said, the revolutionary and out of box decision of PM Modi to unlock the Space sector for Private Industry in June, 2020 changed the very nature of Space ecosystem of the country.
- Space reforms have unleashed the innovative potentials of start-ups and within a short span of time, from a couple of Space Start-ups three -four years back, today we have 102 start-ups working in cutting-edge areas of space debris management., nano-satellite, launch vehicle, ground systems, research etc.
- The integration of R&D, Academia and Industry with equal stake, it is safe to say that a Space Revolution led by ISRO along with the Private Sector and Start-ups is on the horizon.
- The strength and innovative potential of our young and private industrial enterprise will take a lead in the global space technology disruption in times to come.
- He expressed hope that India’s young technology wizards shall breach new barriers in the field of Space Technology while they set out to address the limitless opportunities offered by the Space Domain.
- Launching Indian Space Association (ISpA), a premier industry association of space and satellite companies on 11th October, 2021, Modi said, “Our approach to space reforms is based on four pillars- freedom to the private sector in innovation, the role of the government as an enabler, making youth future-ready and seeing the space sector as a resource for the progress of common man”
- The achievements of ISRO have earned us both Global recognition as well as admiration and it’s no less than an honour when ISRO is carving a special place in astronomical space with the World’s largest constellation of remote-sensing satellites. The Minister underlined that ISRO will keep making India proud of its achievements
SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB