India’s share in global space to rise 4X by 2030

The Minister of State for Science and Technology and Earth Sciences announced that India’s share in the global space economy is expected to increase fourfold by 2030, compared to 2021.

Current Status of Indian Space Economy:

• In 2021, India’s contribution was 2% of the global space market, projected to rise to 8% by 2030 and 15% by 2047.
• The number of space startups has significantly increased from 1 in 2022 to approximately 200 in 2024.
• Around 450 Micro, Small, and Medium Enterprises (MSMEs) are actively contributing to the growth of India’s space industry.
• The current valuation of the Indian Space Economy is approximately $8.4 billion as of December 2023.
• There is an increased involvement of the private sector in space missions, exemplified by Skyroot Aerospace’s Vikram Launch Vehicle and the successful test of a 3D-printed cryogenic engine.