With India emerging as a major spacefaring nation and the government under
Prime Minister Narendra Modi opening the sector to private investment, the
country’s space industry is poised to become the next sunrise sector.
According to government estimates, India’s space economy is currently
valued at $8.4 billion — roughly 2% of the global space market....
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#^India Eyes $44 Billion Space Market by 2033 with Private Sector PushWith India emerging as a major spacefaring nation and the government under Prime Minister
Narendra Modi opening the sector to private investment, the country’s space industry is poised to become the next sunrise sector.
According to government estimates, India’s space economy is currently valued at $8.4 billion — roughly 2% of the global space market. The government has set an ambitious target to scale this up to $44 billion by 2033, with $11 billion expected to come from exports, increasing India’s share of the global market to 7–8%.
This growth trajectory is being driven by robust private sector participation, including a burgeoning ecosystem of approximately 300 start-ups operating across various verticals in the space domain.
To support this momentum, the government has launched a ₹1,000 crore (approximately $118 million) venture capital fund under the Indian National Space Promotion and Authorisation Centre (IN-SPACe). The fund will be strategically deployed over five years to support startups at various stages of development.
Indian States Race to Attract Investments with Dedicated Policies
Recognizing the need for regional engagement, several Indian states are vying to attract space-sector investments through tailored policies. Tamil Nadu, Gujarat, Karnataka, Maharashtra, and others are formulating standalone space sector policies to build industry-specific infrastructure and offer incentives.
According to Industries Minister Dr. T.R.B. Rajaa, the policy targets the creation of at least 10,000 high-value jobs, and the development of a future-ready workforce.
Prime Minister Modi’s home state, Gujarat, has also introduced its own space policy. The state, which houses ISRO’s Space Applications Centre (SAC), is aiming to establish its own rocket launch pad.
Under the new policy, the Gujarat government will subsidize up to 25% of launch costs for satellites manufactured within the state subject to a cap. Additional benefits under Gujarat’s IT/ITeS and Electronics Policies are also being extended to space companies.
Karnataka, already home to
ISRO headquarters and a vibrant startup ecosystem, released its draft space policy last year. The state aims to capture 50% of India’s space market and secure a 5% share globally.
The Karnataka government recently signed an MoU with IN-SPACe to establish a Centre of Excellence for Space Technologies and a dedicated Space Manufacturing Park. These initiatives are expected to catalyze deep-tech innovation and support the entire space value chain.
“We’re laying the foundation for globally competitive infrastructure that will lead the future of space exploration and commercialization,” said Electronics Minister Priyank M. Kharge.
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India Eyes $44 Billion Space Market by 2033 with Private Sector Push appeared first on
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