Indian Space Economy is expected to reach USD 44 billion with the implementation of Indian Space Policy in 2023, as per a written reply by Union Minister of State, Dr Jitendra Singh in Lok Sabha. Currently, the Indian Space Economy stands at around USD 8.4 billion which is roughly 2-3% of the Global Space Economy. In the last decade, from 2014 to 2023, the number of Space Start-Ups in India has gone up from 1 to 189 respectively. With this, the investment in Indian Space Start-Ups has also increased to USD 124.7 Million in 2023. Additionally, the number of foreign and domestic satellites launched by India during 2014-23 has increased to 396 and 70 respectively, compared to 33 and 31 launched from 2003-13. The annual budget allocated to the Department of Space has also doubled from Rs.6,792 crore in FY 2013-2014 to Rs.12,544 in FY 2023-24. Dr Singh said that the sector is projected to grow at six to eight per cent. The private sector is expected to play a vital role in achieving this by providing end-to-end solutions in satellite manufacturing, launch vehicle manufacturing, satellite services, and ground systems manufacturing. The government is reviewing foreign policy to encourage Foreign Direct Investment (FDI) in the sector.
