Indian space sector could claim up to 10% of global market by 2035: IN-SPACe chairman
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India’s space sector is poised to account for 8 to 10 percent of the projected USD 1.8 trillion global space economy by 2035, with investment interest from major global funds gathering pace, IN-SPACe Chairman Dr Pawan Goenka said in Singapore on Tuesday.
Speaking to PTI on the sidelines of an investor forum, Goenka said the Indian space ecosystem is witnessing strong momentum as the global space economy, currently estimated between USD 440 billion and USD 630 billion, continues to expand.
He said large investors, including Singapore’s Government Investment Corporation and Temasek, are expected to invest in India’s space sector as opportunities grow.
Goenka was addressing over 100 investors at a forum organised by the Indian High Commission and the Singapore chapter of The Indus Entrepreneurs. He highlighted government support for the sector, including a Rs 1,000 crore capital venture fund that is expected to expand further.
He also reiterated Prime Minister Narendra Modi’s vision of creating one unicorn every year backed by USD 1 billion in investment, adding that five unicorns are planned over five years, and work toward that goal is underway.
IN-SPACe has registered more than 390 startups and authorised over 800 companies to carry out activities across the space ecosystem. Startup Digantara has emerged as a major beneficiary, securing USD 50 million in funding.
Indian startups participating in the delegation pitched their projects to investors, while the Indian pavilion showcased work by companies including Skyroot, Azista Space, and Cosmoserve.
The summit was attended by more than 1,000 delegates from multiple countries.