India Can Achieve Double Than Its Projected Share Of Global Space Economy By 2035: EY's Pankaj Khurana

India is rapidly advancing towards becoming a global leader in the space sector and the country has the potential to increase its contribution beyond the projected 8% share to 15% by 2035, said Pankaj Khurana, Partner at EY, during the FICCI Bharat Space Conclave.

"The global space economy is currently dominated by the United States with a 40% share and China with 20%, while India accounts for just 2%. This share can only grow with significant private sector participation," Khurana added.

He said that the U.S. has already opened its space market to private companies like SpaceX, creating opportunities for innovation. India, too, can benefit by leveraging its private-sector capabilities, he said.

Indian government is also joining hands with the private entities to accelerate the pace for space vision and missions. Larsen & Toubro (L&T), a leading defence manufacturer, is partnering with Hindustan Aeronautics Limited (HAL) to construct India's first privately assembled Polar Satellite Launch Vehicle (PSLV).

The rapid expansion of the internet has fueled global economic growth, and a similar transformation could occur with space-based technology, Khurana said.

“Currently, 90% of global communication relies on undersea cables, but in the next decade, we may witness a major shift toward space-based communication systems,” said the EY Partner at FICCI event.

He also mentioned that a major roadblock in India’s space ambitions is the lack of specialized education programs. Most Indian engineering and science colleges offer limited seats for space engineering. In contrast, leading US universities—including “Ivy League institutions—offer specialized astronautics and space programs, he said.

“The coming months will be crucial for shaping India’s space policy, engaging the stakeholders, and refining strategic recommendations. By fostering a robust ecosystem of private players, research institutions, and global collaborations, India can accelerate its journey toward becoming a major force in the global space economy,” added Khurana.