Space News - In response to an inquiry in the Rajya Sabha on Thursday, Union Minister Jitendra Singh revealed that the current valuation of the Indian space economy stands at approximately USD 8.4 billion. Addressing questions about the distribution of this value between governmental and private entities, Singh outlined the landscape.
He noted that nearly 80 percent of the total space economy is dominated by the downstream services market, primarily focused on communication and data applications. In this segment, the private sector emerges as a significant contributor. Singh specifically responded to an Independent MP from Rajya Sabha, Kartikeya Sharma, who raised the query.
Singh detailed the bifurcation of the space economy, explaining that the upstream market, encompassing satellite and launch operations, is predominantly steered by the government. In this realm, the private sector plays a pivotal role in a vendor-oriented capacity, particularly in manufacturing and delivering sub-systems and components.
Highlighting insights from various market surveys, the minister underscored that the space economy has experienced substantial growth, boasting an average Compound Annual Growth Rate (CAGR) of 8 percent.
In response to a question about plans to augment the private sector share in the country space economy, Singh affirmed the government affirmative stance. Emphasizing significant initiatives, he expressed the government commitment to fostering an increase in the private sector participation in the Indian space economy.
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