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India's Promising 'Space Economy' Paving Way To Capture A Global Share
Writer: Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
India, 28 March 2022 9:39 AM GMT
Editor : Ankita Singh |
A literature lover who likes delving deeper into a wide range of societal issues and expresses her opinions about the same. Keeps looking for best-read recommendations while enjoying her coffee and tea.
Creatives : Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
The total number of space startups in the country has crossed 100, of which 47 were established in 2021, up from 21 in 2020. In 2019, only 11 new startups were added to the sector.
India's space industry has grown by leaps and bounds in two decades. The latest collaboration between the country's two premier institutions in Thiruvananthapuram has further brought to light the country's vast potential in the 'space economy'.
In a first-of-its-kind attempt at measuring the size of India's space economy, researchers from the Centre for Development Studies (CDS) and the Indian Institute of Space Science and Technology (IIST) arrived at a figure of ₹36,794 crores (approximately $5 billion) for 2020-21 fiscal. However, the estimated size of the space industry in India's GDP slipped from 0.26 per cent in 2011-12 to 0.19 per cent in 2020-2021.
47 Out Of 100 Space Startups In 2021
However, the economic survey released in February 2022 showed how the number of startups in the space industry has almost doubled in the last year. Nearly 47 of the total 100 space startups in India were started in 2021, which is 21 up from 2020. In 2019, the industry added only 11 new startups. LiveMint reported that the government's latest policies and a few private players were the driving forces behind new startups. The Economic Survey had mentioned that the Indian space sector is expected to capture a larger share of the global space economy, which closed at $447 billion in 2020. India accounts for only about 2% of the space economy, much behind the major players, the US and China.
What Is Space Economy?
The global space industry includes the industry's core activities in-space manufacturing and satellite operations. Moreover, the increasing instances of public-private partnerships contribute extensively to the outcomes because they contribute space-related outputs, space derived products and services and the scientific knowledge arising from space research. The main segments of the space economy include manufacturing, services from satellite operators and consumer services.
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