India aims to capture a double-digit share in the global space economy in the next decade, according to Dr Vinod Kumar, Director, Promotion Directorate at Indian National Space Promotion and Authorisation Centre (IN-SPACe) who spoke about the country’s space tech sector in fireside chat at the NASSCOM Product Conclave 2022.
Quoting a recent joint report on India’s space ecosystem by the Indian Space Association and Ernst and Young, he noted that “all indicators are positive”. The Indian space economy is expected to touch $12.8 billion by 2025, as per the report.
The autonomous agency, under the Department of Space of the Government of India, is working on a vision for the Indian space ecosystem, according to Dr Vinod, amid a steady rise in private participation in the Indian space sector.
IN-SPACe promotes, enables, authorises ,and supervises various space activities of private companies. It was established as a single window agency for all space sector activities of private entities.
Since its inception, the agency has received about 150 proposals.
Highlighting the need for funds to fuel the ideas of people who have the understanding, expertise and wish to chase their space vision, Dr Vinod said that the agency has started conducting industry-investor meets, bringing investors to the platform to enable financing.
Moreover, the agency may offer seed funding to certain startups with novel ideas to kick-start their investment journey and help secure additional funding from financial institutions, he noted. “If you have an idea, come to us.”
