The Indian space sector is on the rise, projected to capture 8-10% of the global space economy, estimated to be between $440 billion and $630 billion. Dr. Pawan Goenka, Chairman of IN-SPACe, discussed these exciting developments with investors in Singapore.
Recently, major investors, including Singapore’s Government Investment Corp and Temasek, are showing increased interest in India’s space industry. This is a significant boost for a sector that the Indian government is actively supporting, having set up a ₹1,000 crore venture capital fund. Dr. Goenka emphasized that the aim is to foster at least one unicorn startup each year, with plans to create five unicorns in five years.
During the forum, titled “Orbiting Innovation: Spacetech Startups and Industries Shaping the Future,” Indian startups showcased their projects to potential investors. IN-SPACe has already registered over 390 startups and authorized more than 800 companies within the space ecosystem. A standout in this space is Digantara, which attracted $50 million in funding, reflecting the growing confidence in Indian startups.
The event attracted over 1,000 delegates, highlighting global interest and collaboration in the space field. As the sector expands, it creates numerous opportunities, drawing not only funding but also fostering a community of innovators working together.
This growth isn’t just about numbers; it’s a chance for India to play a pivotal role in global space initiatives. With more innovations on the horizon, the Indian space sector is poised for a thrilling future.
For further insights into the evolution of the space sector, explore NASA’s Artemis Program and how it aims to push boundaries in space exploration.
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SPACE ECONOMY, GLOBAL SPACE ECONOMY, INDIA SPACE SECTOR, INDIAN SPACE SECTOR TO ACCOUNT FOR 8 TO 10 PC OF USD 1.8 TRILLION GLOBAL SPACE ECONOMY
