Over the past decade, India's space sector has made a substantial impact on the nation's economy, contributing $60 billion to GDP and generating 4.7 million jobs, according to a recent report.
The findings, revealed in a study by global consulting firm Novaspace and commissioned by the Indian Space Research Organisation (ISRO), were shared by Union Minister of State for Space Jitendra Singh on National Space Day.
The report highlights that in the last 10 years, India invested nearly $13 billion in its space industry. These investments, coupled with direct, indirect, and induced benefits, have significantly bolstered the country's GDP.
Steve Bochinger, affiliate executive adviser at Novaspace, noted that the Indian space sector's estimated revenues grew from $3.8 billion in 2014 to $6.3 billion in 2023. He emphasized that every dollar invested or generated in the sector has created an additional $2.54 in indirect and induced economic benefits for the country.
In terms of employment, the sector has directly employed 96,000 individuals in both the public and private sectors and has created 4.7 million jobs in total.
The report also placed India as the eighth-largest space-faring nation globally, particularly noting the rapid growth of startups in the space sector.
Moreover, the report highlighted that ISRO's contributions have daily benefits for around 800,000 fishermen and provide satellite-based weather forecasts for 1.4 billion Indians.
However, the report also identified several challenges facing the Indian space sector, including issues related to regulation, financing, infrastructure, market context, and workforce.
Bochinger pointed out that while significant regulatory reforms have been introduced, their full impact has yet to be realized. Additionally, access to private capital remains a significant concern for startups, largely due to an underdeveloped venture capital ecosystem in the country.