Key Takeaways
- The global space economy is forecast to hit $1 trillion by 2040, according to IN‑SPACe chief Pawan Kumar Goenka.
- India’s space sector aims for $44 billion by 2033, with discussions of a $100 billion target by 2040 still tentative.
- IN‑SPACe plans a Space Outreach Wing and an international collaboration cell to boost demand and global market access for Indian space products.
Bengaluru: IN‑SPACe Chairman Pawan Kumar Goenka announced that the global space economy could reach $1 trillion by 2040, deeming it a reasonable expectation.
He noted, however, that no specific projection has yet been made for India’s space economy for the same period.
“By 2040, the global space economy will be $1 trillion, which is a reasonable thing to expect. We have not yet projected where India will go from $44 billion in 2033 to 2040. However, we have not looked into geo-political implications in our projections,” he said, responding to an UNI query on the impact Israel-Palestine war will have on the global space economy.
However, there are some reports floating around talking about $100 billion, but it is too early for IN-SPACe to think about it because India has just begun, Goenka said. “We (India) are $8 billion right now. Let us wait for $44 billion in 2033, and then we talk about $100 billion by 2040,” he added.
Asked what could be the impact of the Israel-Palestine on the global space economy, Goenka said “There will be some blips ups and downs that happens, but the overall economy that also is driven by the space economy, in long-term it will not get influenced by one event (Israel-Palestine war).”
However, PwC Executive Director Vishal Kanwar said the space economy gains at times of wars like one underway between Israel and Palestine. “In my opinion, the space economy gains. The reason is because we would need a satellite, broadband and other sophisticated equipment from a strategic perspective. However, the Decadal Vision for the Indian Space Economy is not looking at it.”
The $44 billion Decadal Vision was unveiled by IN-SPACe, India’s space regulator, Tuesday during a press conference.
To realise this billion-dollar potential, IN-SPACe has recognised the need to generate demand in India’s space economy. For that, the body has proposed to establish a Space Outreach Wing within IN-SPACe, to undertake assessment of value propositions, impact estimation and prioritisation of various sectors.
The office will also help in creating demand by developing applications from space-based data for governments and consumers; and by enhancing awareness.
The regulator also plans to establish an international collaboration cell within IN-SPACe to give thrust to international cooperation and representation. Its responsibilities would include “demand generation and access to global markets for Made in India space products and services.”
