India is accelerating its space ambitions, aiming to become a developed economy by 2047 through human space exploration and private-sector-led innovation.
Space Minister Jitendra Singh outlined key milestones, including the establishment of the Bharatiya Antariksh Station by 2035 and a human lunar landing by 2040. These initiatives align with Prime Minister Narendra Modi’s vision to narrow the technological gap with global space leaders such as China.
Growth of India’s Space Economy
India’s space sector has expanded significantly with private participation:
| Metric | Current Status | Target / Projection |
| Space Economy Size | US$ 8 billion (₹66,400 crore) | US$ 40–45 billion (₹3.32–3.73 lakh crore) by 2033–35 |
| Number of Space Startups | ~400 | – |
| ISRO’s Global Commercial Market Share | <2% | 8–10% over next decade |
The sector encompasses satellite manufacturing, launch services, and space-based data analytics, with both public and private players contributing to growth.
Key Achievements and Milestones
- 2023: Soft landing near the Moon’s south pole, first nation to achieve this feat.
- Early 2027: Planned first crewed space mission.
- Government Initiatives: Rs. 1 trillion (US$ 11.1 billion) R&D and Innovation Scheme for projects with Technology Readiness Level 4 and above.
Private Sector Role
- Nearly 400 startups are operational, driving innovation in:
- Satellite manufacturing
- Launch services
- Space-based data analytics
- Government financing schemes aim to strengthen private R&D and expand technological capabilities.
Strategic Goals
- Human space exploration: Bharatiya Antariksh Station by 2035, lunar mission by 2040.
- Global market share expansion: Increase India’s presence in the commercial space sector from <2% to 8–10% by 2035.
- Deep-tech innovation: Support long-term technological leadership through private-public collaboration.
Conclusion
India’s space sector is poised for rapid expansion, driven by a combination of government initiatives, private-sector participation, and technological innovation, targeting a US$ 45 billion space economy within the next decade.
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