In the next three years, the size of India's space economy will reach $ 1,280 million, or about Rs 1.05 lakh crore. The launch of a large number of satellites and the participation of the private sector will play an important role in this. This claim was made by the Indian Space Association and Ernst & Young in their report 'Environment for Space in India: Inclusive Progress in India' on Monday.
The size of the Indian space economy was estimated at $900 million in the year 2020. According to the report, the demand for satellites is increasing continuously. Their manufacturing in India will be accelerated. Also, global companies and start-ups will also be attracted here, which will help companies looking to work in the space sector.
Indian business in core areas of space in 2025
Satellite Services: $4600 million
Earth Services: $400 million
Satellite manufacturing: $320 million
Launch Services: $100 million
Helpful steps of the government
The report said that the steps taken by the government to launch space missions from India are becoming helpful. Private companies are also getting a boost.
Launch services in 2020 were worth $600 million, which is projected to grow at 13 percent annually. Factors such as cheap launch and availability of satellites, large scale production etc. will bring consumers to India on the global stage.
This is the reason why private companies are keeping a special eye in this area and are focusing on innovation.
Roots growing from space park
Setting up of Space Park in the country is helping private companies to establish their roots. Several companies are working on technologies related to sending satellites into Lower Earth Orbit (LEO - altitude from 160 to 2000 km above Earth), Medium Earth Orbit (MEO - altitude from 2000 to 35786 km) and Geostationary Equatorial Orbit (GEO - altitude above 35786). are working.
It is worth mentioning that at present around 100 startups are working in the space sector in India.
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