IN-SPACe unveils decadal vision and strategy for Indian space economy

Bengaluru: Even as the current estimates of India’s space economy is expected to reach up to 7-10 per cent of the global space economy by 2023, the Indian National Scheme Promotion and Authorisation Centre (IN-SPACe) on Tuesday unveiled the Decadal Vision and Strategy for the Indian Space Economy.
“India is among the leading space-faring nations in the world, and is globally recognised for its ability to deploy the most cost-effective space missions.
Despite that Indian accounts for only 2 per cent of the global space economy. The current global space economy size is estimated to be $440 billion.
“To accelerate the growth of the Indian space sector, a Decadal Vision and Straegy for the Indian Space Economy,” IN-SPACe Chairman Dr Pawan Goenka told reporters at a press conference here.
Space sector in India has already witnessed significant momentum after announcement of the space sector in India has already witnessed significant momentum after announcement of the space sector reforms, he said.
As an early indicator, the number of the Indian space startups working in launch vehicles, satellites, ground stations, and space data products and services have gone up from just one in 2014 to more than 200+ till now, Goenka said.
The investment in Indian space sector has increased from $6 million in 2019 to over $110 million in 2022, he said.
To accelerate a startup culture in the country, IN-Space has taken various initiatives. One of the key initiatives is launch of a Seed Fund Scheme to provide initial financial assistance to Indian space startups, the IN-SPACe brochure stated.
The Seed Fund is aimed to help startups bring their idea to life and get their projects off the ground, it said. This support also include access to funding, mentorship, training and networking opportunities, the document added.
There are different sector specific opportunities announced periodically under the IN-SPACe Seed Fund Scheme. The first announcement of an opportunity for the agriculture sector was made in April 2023, it said.
Further, IN-SPACe periodically connects with the industry through various platforms including conferences and webinars, to provide expert help and connecting with mentors to hand-hold space startups, the brochure added.