Number Of Space Start-Ups In India Goes Up From One In 2014 To 189 In 2023

Number Of Space Start-Ups In India Goes Up From One In 2014 To 189 In 2023

Investment in Indian Space Start-Ups increased to $ 124.7 Million in 2023, Indian Space Economy expected to grow from around $8.4 billion to $44 billion Indian by 2033.

New Delhi, December 21 (TNA) The number of Space Start-Ups have gone up, from just 1 in 2014 to 189 in 2023 as per DPIIT Start-Up India Portal, Union Minister Dr Jitendra Singh told the Lok Sabha on Wednesday. The investment in Indian Space Start-Ups has increased to $ 124.7 Million in 2023, he added.

Singh further said, the current size of the Indian Space Economy is estimated around $8.4 billion (around 2-3% of global space economy) and it is expected that with the implementation of the Indian Space Policy 2023, $44 billion Indian space economy can be achieved by the year 2033.

The role of the private sector will be prime to achieve the expected economy figure. It is expected that private sector will take up independently end to end solution in satellite manufacturing, launch vehicle manufacturing, provide satellite services, and manufacture ground systems, he pointed out.

In a separate reply, Dr Jitendra Singh said, presently, FDI in space sector is allowed under Government route for satellite establishment and operations. In order to promote Foreign Direct Investment (FDI) in Space Sector, the Department of Space in consultation with DPIIT is in the process of reviewing the FDI policy guidelines of space sector, he said.

The News Agency