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BUSINESS & TRADE MARCH 21, 2025 | The Indian Eye 28

A giant leap forward: Can ISRO boost the Indian

space economy to reach US$ 44 billion by 2033?

According to a FICCI_EY report, the global space economy is projected to exceed US$ 1.8 trillion by 2035,

with commercial satellite services, deep-space exploration, and space-based infrastructure driving expansion

OUR BUREAU that we have already shortlisted 6
companies and by mid-April the fi-
New Delhi
nal name will be announced. “The
ndian space economy is aiming EOPP project is going to be orbit
to reach USD 44 billion by 2033 changing project for the Indian pri-
Ifrom USD 8.4 billion in 2022, said vate space sector. It will bring in a
a FICCI-EY report on ‘Unlocking dozen of private satellites which will
India’s Space Economy - Pathways provide data which is not available
to Growth, Innovation and Global in the country today from Indian
Leadership’, released today at Bharat sources. We are not replicating what
Space Conclave 2025’, organized by ISRO is doing but we are depending
FICCI. on outside data to get the data,” he
According to the report, the added.
global space economy is projected to Dr Goenka while highlighting
exceed USD 1.8 trillion by 2035, with the potential in satellite communica-
commercial satellite services, deep- tions (SATCOM), said that the pri-
space exploration, and space-based vate sector is not present at all in this
infrastructure driving expansion. segment in terms of having their own
The report further states that satellites and we depend completely
India has set an ambitious target to on NSIL (New Space India Limited),
grow its space economy from USD ISRO and outside sources.
8.4 billion in 2022 to USD 44 billion “Now we have the first company
by 2033, aiming to capture 8 per cent who has been given the authorization
of the global market. to use a frequency that ISRO has
This growth is being fueled by unused to set us launch SATCOM.
policy reforms, private sector partic- This is just the first of many that will
ipation, and increased international happen, and we will keep working
collaboration, supported by the Indi- on finding more it you (industry)
an Space Policy 2023 and institutions frequencies and make it available to
such as IN-SPACe and NSIL. private sector,” he added.
Dr AS Kiran Kumar, Mem-
FICCI-EY report notes that a ber, Space Commission and Former
Chairman, ISRO said that space is
significant shift is underway, the frontier today which can provide

with India’s space sector evolv- significant advantages from uses
to strategic applications including
ing from a government-led space tourism, adventure space and
model to a commercially driv- space habitation. “Soon we will see
the launch of NASA-ISRO Synthetic
en, innovation-led ecosystem. The Space is the frontier today, according to experts, Aperture Radar satellite,” he added.
By 2047, if India has to reach the
Satellite communication (SAT- which can provide significant advantages from uses to strategic applications including space topmost place, it will only be possi-
COM), projected to reach USD tourism, adventure space, space habitation (Photo: ISRO) ble when space economy which is a
14.8 billion by 2033, will play a supporting flagship initiatives such Goenka, Chairman, IN-SPACe said significant component, India must
participate with larger participants,
critical role in expanding digi- as Digital India and BharatNet. that for the Indian space sector to noted Dr Kumar.
grow we need capacity, capability,
Laxmesh BH, Chair, FICCI
The increasing use of Earth Ob-
tal connectivity, particularly in servation (EO) and remote sensing, skilling, infrastructure, international Space and Geospatial Applications
rural and underserved regions. estimated to contribute $8 billion partnership, funding and demand. Committee and Vice President and
by 2033, is already transforming ag- “We will have to work for it and this Head Aerospace Systems Business,
By leveraging LEO and MEO riculture, disaster management, and will happen. These will not become a L&T Precision Engineering and Sys-
satellite constellations, India can climate resilience, highlights FIC- constraint for us to reach the $44 bil- tems, L&T Ltd said that led by ISRO,
accelerate broadband penetration, CI-EY Report. lion target by 2033,” he emphasized. India’s space journey is a testament
enhance financial inclusion, and Addressing the ‘FICCI Bharat Earth Observation Preparatory to our perseverance, innovation, and
strengthen digital infrastructure, Space Conclave 2025’, Dr Pawan Program (EOPP), Dr Goenka said global leadership.

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