Indian Space Sector to Account for 8-10% of $1.8-trn Global Space Economy

The Indian space sector is set to be 8-10 per cent of the USD 1.8 trillion global space economy by 2035, and the investment momentum among big-ticket investors is picking up in the growing Indian space ecosystem, Dr Pawan Goenka, Chairman of IN-SPACe, told investors in Singapore on Tuesday.

"The Indian space sector can be 8-10 per cent of the global space economy," he told PTI when asked about the momentum of the growth of the space sector and the ongoing development in the country.

The global space economy is currently estimated between USD 440 billion and USD 630 billion, according to experts at the forum.

Big investors, including Singapore's Government Investment Corp and Temasek, already among the biggest investors in India, are expected to invest in the Indian space sector, he said after addressing some 100 investors at the forum, organised by the Indian High Commission and Singapore chapter of the TiE or The Indus Enterprise.

He highlighted opportunities being created in the space sector at the forum attended by over 100 investors, adding that the Indian government is backing the space sector with a Rs 1,000 crore capital venture fund which is growing further.

He also reiterated Prime Minister Narendra Modi's call to have one unicorn every year supported by USD 1 billion investment.

"Five unicorns are to be developed in five years as per the Prime Minister's call," he added, stressing that the work is in progress.

The startups, part of the Indian delegation to the summit, also pitched their projects to the investors at the forum "Orbiting Innovation: Spacetech Startups and Industries Shaping the Future".

IN-SPACe has already registered over 390 startups, and given authorisation to over 800 companies to undertake activities related to the space eco-system. Startup Digantara is one of the biggest winners of investors having secured US$50 million funding.

The Indian pavilion at the summit displayed work in progress by Hical, Skyroot, XDLinX Space Labs, General Datum, Azista Space, Gnikul, and Cosmoserve.

More than 1,000 delegates from across countries attended the summit.