India’s space economy is $8 billion now; here’s why funding is set to top $200 million this year

He said the private industry too should look at the space start-ups for space technology solutions for their businesses.

India's space industry has raised USD 150 million in funding this financial year so far, the highest ever since the government unleashed reforms by opening up the segment for the private sector in 2020.

"This year will have the highest ever funding in the space sector. The 150-million-dollar mark was reached two days ago. It will cross 200 million dollars this financial year," Pawan Goenka, Chairman, Indian National Space Promotion and Authorisation Centre (INSPACe), said at the India Economic Forum here.

Goenka said investors were showing a lot of interest in the space sector. The USD 200 million fund raise expected this financial year is more than double that the sector had raised last fiscal, he added.

He said INSPACe, which is the promoter and the regulator for the space sector, was taking steps to educate investors about opportunities in the segment.

Goenka said the size of the space economy at present was in the range of USD 8 billion and it was projected to grow to USD 44 billion by 2033.

He said the demand for the space start-ups was primarily being generated by various government departments that used to depend on ISRO for solutions.

The INSPACe chairman said there was a need for the private sector to develop space technology solutions for the government to increase their market share.

He said the private industry too should look at the space start-ups for space technology solutions for their businesses.