A new report states that the lack of a solid legal structure and the use of space technology remain a major challenge around the government.
‘Unlocking India’s space economy’, was released in India on Wednesday in New Delhi and 2025 in New Delhi and EY (Earns and Young in East) and Federation of Indian Chambers of Commerce and Industry (FICCI), “regulatory and policy barriers” remained, because “no complex space activities”. The 50-Page report states that there are “gaps” in liability and insurance related to space activities in India and “multi agencies overlaps” that can slow down decision making in this fast-changing field.
The report also recognizes other challenges that obstruct development, including India’s dependence on “high dependence on imported space -grade components” and India’s dependence on “limited launch sites” – all rocket launch is only from the Satish Dhawan Space Center in Sriharikota and the second launch port in Tamil Nadu is still a few years away.
The document stated that India has captured around 2% – approximately $ 8.4 billion in the global space market – approximately $ 8.4 billion, while China has already been a world leader at 13% – $ 80 billion – and the United States $ 250 billion and 40% of the global stock.
A pre -reported report by the Government of India estimated that India could increase its space economy to about $ 44 billion by 2033. Today, there are over 250 private space startups and with the Indian Space Research Organization (ISRO), they are all trying to secure an sunny space in the space economy, estimated to be $ 1.8 trillion by 2035.
Growing innovation
The FICCI and EY reports stated that a significant change is going on, a commercially operated from a government -led model with India’s space sector, developing in innovation -led ecosystem. Satellite Communication (SATCOM), which is estimated to reach $ 14.8 billion by 2033, will play an important role in expanding digital connectivity, especially in rural and underscribed areas. Earth observation and increased use of remote sensing satellites, estimated to contribute $ 8 billion by 2033, already changing agriculture, disaster management and climate flexibility.
At the release ceremony, the President of the Indian National Space Promotion and Authority Center (INSPACE), Dr. Pawan Kumar Goonka said that investment in space sector could be above Rs 50,000 crore in the next decade. He said that 52 monitoring satellites will be launched, with 31 the Indian private sector, and it is estimated that 60 units of the launch vehicle Mark -3 or ‘Bahubali’ rocket will be made by India. It is in addition to Rs 35,000 crore, the government is attacking ISRO for Gaganan and Indian space station programs. “India’s space zone has moved at the speed of rocket,” Mr. Goenka insisted.
The report also identified “funding gaps” and Pankaj Khurana, who led the study, said that India invests only 0.07% of its GDP on its space budget compared to the US 0.28%. Therefore, the US spends four times more and yet, gets about thirty times more returns than in India. However, its economy is also very large.
Dr. Goenka said, “The bill of a new space activities has already drafted, but it was said that it was difficult to give a time-line as the inter-minister and parliamentary counseling is a complex process. He also said that any private sector company is not being asked to take compulsory liability insurance in the space sector. Looking at an enthusiastic approach, Dr. Gyanka said”
Sharing its clear evaluation, Mr. Khurana said, “India’s space journey is no longer a distant dream, it is a revelation reality … but ambition should be matched with action.”
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