According to a report by Novospace commissioned by the Indian Space Research Organisation (ISRO), the Indian space sector has contributed approximately $60 billion to the country’s GDP and has created 4.7 million jobs during 2014-24.
It indicated that India has invested nearly $13 billion in this sector during this period. Through direct, indirect, and induced benefits, the sector contributed $60 billion to the national GDP.
The report highlighted from $3.8 billion in 2014, the sector’s estimated revenues has increased to $ 6.3 billion in 2023. India’s position as the eighth-largest space nation globally in terms of funding, alongside a notable increase in the number of startups within the industry. Additionally, around 800,000 fishermen benefit daily from services provided by ISRO, and approximately 1.4 billion people in India receive satellite-based weather forecasts.
However, the report also pointed out several challenges facing the Indian space sector, including regulatory issues, financing difficulties, infrastructure limitations, market conditions, and workforce shortages.
