Parliament Question: Share in space economy

GOVERNMENT OF INDIA DEPARTMENT OF SPACE RAJYA SABHA UNSTARRED QUESTION NO. 4461 TO BE ANSWERED ON THURSDAY, APRIL 02, 2026 SHARE IN SPACE ECONOMY 4461. SHRI S NIRANJAN REDDY: Will the PRIME MINISTER be pleased to state: (a) whether Government has taken note that India accounts for only about 2% of the global space economy despite being among the world’s leading space powers; (b) whether the target of increasing India’s share to 10% by 2033 is at risk, given the projections that the global space economy may expand to USD 1.8 trillion by 2035; (c) whether Government has assessed concerns relating to loss of skilled talent and startups to overseas space hubs; and (d) the steps being taken to accelerate reforms, boost private sector participation, strengthen funding and infrastructure and build resilient space systems critical for economic growth of the country? ANSWER MINISTER OF STATE IN THE MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES & PENSIONS AND IN THE PRIME MINISTER’S OFFICE (DR. JITENDRA SINGH): **** (a) As per the Decadal Vision and Strategy for Indian space economy, the size of India’s space economy was about $8.4 billion which is about 2% of the global space economy in 2023. However, India’s space economy is projected to grow to approximately $44 billion by 2033 (~8% of the global space economy) and $100 billion by 2040 (~10% of the global space economy). (b) The Government has undertaken proactive measures through the liberalization of the space sector, which are contributing to an increase in India’s share of the global space economy. An assessment of the current size of the space economy is presently being carried out in coordination with the Ministry of Statistics and Programme Implementation (MoSPI).(c) Yes. It has been assessed. As of now, there is no serious concern. This issue will remain under watch. (d) The Government is taking the following steps/initiatives in order to accelerate reforms, boost private sector participation, strengthen funding and infrastructure, and build resilient space systems critical for India’s economy growth: - i. The Indian Space Policy 2023 in place where roles and responsibilities of all the stakeholders defined ii. Announced the liberalised Foreign Direct Investment policy governing space sector iii. Norms, Guidelines and Procedures (NGP) for obtaining authorisation from IN-SPACe in place iv. Brought out policy for discounted pricing policy to NGEs for ISRO facilitation v. Established 1000 Crores Venture Capital Fund vi. Established 500 Crores Technology Adoption Fund (TAF) for the development and commercialization of space technology vii. IN-SPACe Seed Fund Scheme for inculcating the idea into the product viii. IN-SPACe Pre-Incubation Entrepreneurship Program for the identification and grooming of entrepreneurs in the space sector ix. Facilitation in terms of ISRO facilities and mentorship to handhold the private sector x. Skill Initiative to fill the gaps in skill requirements xi. Establishment of a technical centre to provide testing and simulation of space systems at an affordable cost xii. Enabling transfer of technology from ISRO xiii. Opportunity to test for space worthiness through POEM platform xiv. Announced schemes such as Satellite Bus as a Service, Ground station as Service xv. Establishment of a technical centre to provide testing and simulation of space systems at an affordable cost xvi. Providing business opportunities through various promotional events Like Space Adoption Awareness workshop, Industry Meets, Indian Delegation visit to various international conferences and exhibitions. ****