Space Economy

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Overview:

The Indian space economy is set to reach $13 billion by 2025, according to a joint report prepared by EY and the Indian Space Association (ISpA).

About:

  • According to the report, the space-launch segment would grow at a CAGR of 13%, spurred by growing private participation, latest technology adoption and low cost of launch services.
  • The satellite services and application segment would form the largest share of the space economy accounting for 36% of the ecosystem by 2025.
  • On the country’s satellite-manufacturing opportunity, EY and ISpA said that in 2020, it was $2.1 billion. This would reach $3.2 billion by the year 2025.

 

Indian Space Association (ISpA)

  • Indian Space Association (ISpA), established in December 2020, is the premier industry association of space and satellite companies. Prime Minister Narendra Modi launched the ISpA on October 11, 2021. 
  • The industry association will act as an independent and “single-window” agency for enabling the opening up of the space sector to start-ups and the private sector, according to the government agenda.

 


Source : The Hindu