New Delhi: The Indian space economy is projected to grow from $8.4 billion in 2022 to $44 billion by 2033, according to a FICCI-EY report titled 'Unlocking India's Space Economy - Pathways to Growth, Innovation and Global Leadership,' which was unveiled at the Bharat Space Conclave 2025 organized by FICCI.
The report indicates that the global space economy is expected to surpass $1.8 trillion by 2035, driven by sectors such as commercial satellite services, deep-space exploration, and space-based infrastructure. It emphasizes India's ambitious goal to capture 8 percent of the global market by expanding its space economy significantly.
This anticipated growth is supported by policy reforms, increased private sector involvement, and enhanced international partnerships, all underpinned by the Indian Space Policy 2023 and organizations like IN-SPACe and NSIL.
The FICCI-EY report highlights a notable transformation in India's space sector, shifting from a government-centric approach to a commercially driven and innovation-focused ecosystem. Satellite communication (SATCOM) is expected to reach $14.8 billion by 2033, playing a vital role in enhancing digital connectivity, especially in rural and underserved areas.
By utilizing Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellite constellations, India aims to boost broadband access, promote financial inclusion, and fortify digital infrastructure, thereby supporting key initiatives like Digital India and BharatNet.
Additionally, the report notes that the growing application of Earth Observation (EO) and remote sensing technologies, projected to contribute $8 billion by 2033, is already making significant impacts in agriculture, disaster management, and climate resilience.
During the 'FICCI Bharat Space Conclave 2025', Dr. Pawan Goenka, Chairman of IN-SPACe, emphasized that the growth of the Indian space sector hinges on several key factors: capacity, capability, skill development, infrastructure, international collaboration, funding, and market demand. He stated, "We must actively pursue these elements, and I am confident that we will succeed. These factors will not hinder our goal of reaching a $44 billion valuation by 2033."
Regarding the Earth Observation Preparatory Program (EOPP), Dr. Goenka mentioned that six companies have been shortlisted, with the final selection expected to be announced by mid-April. He described the EOPP as a transformative initiative for the Indian private space industry, which will introduce a dozen private satellites to provide data currently unavailable from domestic sources. "We are not duplicating ISRO's efforts; rather, we are leveraging external data to enhance our capabilities," he noted.
Dr. Goenka also pointed out the untapped potential in satellite communications (SATCOM), highlighting the absence of private sector involvement in this area, as it relies heavily on NSIL, ISRO, and foreign sources.
He announced that the first company has received authorization to utilize an unused frequency from ISRO to launch SATCOM services. "This is merely the beginning, and we will continue to seek additional frequencies to make available to the private sector," he remarked.
Dr. A.S. Kiran Kumar, a member of the Space Commission and former Chairman of ISRO, stated that space represents a new frontier offering substantial benefits, from practical applications to strategic initiatives, including space tourism, adventure space, and habitation. "We can expect the launch of the NASA-ISRO Synthetic Aperture Radar satellite in the near future," he added.
Dr. Kumar emphasized that for India to attain a leading position by 2047, active involvement in the space economy, a crucial element, is essential, particularly in collaboration with major players in the field.
Laxmesh BH, Chair of the FICCI Space and Geospatial Applications Committee and Vice President and Head of Aerospace Systems Business at L&T Precision Engineering and Systems, L&T Ltd, stated that India's space endeavors, spearheaded by ISRO, reflect our determination, creativity, and position as a global leader.
