In a written reply to the Rajya Sabha, Jitendra Singh, Union Minister of State for Science and Technology, informed that the current size of the Indian space economy is estimated at around $8.4 billion.
The minister added, as per various market surveys, the space economy has grown with an average compound annual growth rate (CAGR) of 8 per cent. He highlighted the major initiatives, and asked the government to increase the share of the private sector in the Indian space economy.
He further added that various schemes to encourage and handhold the private sector were also announced and implemented by the Indian National Space Promotion and Authorisation Centre (IN-SPACe), including seed fund schemes, pricing support policies, mentorship support, design labs for non-government entities (NGEs), and skill development in the space sector.
He noted that the private sector will take up independent end-to-end solutions in satellite manufacturing, launch vehicle manufacturing, providing satellite services and manufacturing ground systems. In addition to these initiatives, the investment in space start-ups has increased from $6 million in 2019 to over $125 million in 2023.
