April 6 2023 – Approval of space policy of India

Indian space startups:

Year = 2014   →  No. of startups = 1

Year = 2023   →  No. of startups = 189

Indian Space Economy:

Year 2023 →  $8 Billion

Year 2040 →  $100 Billion (Estimates)

India has a small space economy- USD 8 billion.

However foreign observers believed that India could become a $100 billion space economy by 2040.

ISRO launched over 430 foreign satellites with more than 290 million euros as earnings from European satellites and over 170 million USD from American satellites.

The number of space startups has also increased.

Alphabet – Google’s parent company – announced $36 million of investment in Bangaluru-based startup, Pixel, in June this year. This is the first major investment in the Indian space sector after the privatization policy of the Indian government in April.

Conclusion:

The approval of the Indian space policy boosted the Indian private space industry making it an attractive investment option.

Amid a favorable ecosystem for space startups in India, companies like Skyroot, SatSure, Dhruva, Bellatrix, etc. are flourishing to become India’s SpaceX.

Space is becoming an important component of the Indian economy.