India's space economy to hit $44 billion by 2033: EY-CII report

India's space economy is projected to surge from $8.4 billion to $44 billion by 2033, according to a joint EY-CII report. Growth hinges on converting space capabilities into commercial services and applications across various sectors.

India’s next phase of space growth will depend not only on building and launching space assets, but also on converting space-based capabilities into commercial services, industrial depth, strategic resilience and economy-wide impact.

India's Space Economy Projections

According to a joint report released by EY and the Confederation of Indian Industry (CII), titled "From escape velocity to value: Innovate, govern and grow", the country's space economy is projected to expand significantly over the next decade. The sector is estimated to grow from Rs 0.81 lakh crore (USD 8.4 billion) to Rs 4.22 lakh crore (USD 44 billion) by 2033.

This expansion is supported by policy reforms, rising private investment, growing startup activity, wider adoption of space-enabled applications, and an increasing global demand for cost-effective space services.

Unlocking Economic Opportunities

The report identified more than 200 use cases across Earth observation, satellite communication, and positioning, navigation, and timing. These applications support diverse areas including agriculture, logistics, infrastructure, disaster management, urban planning, financial services, fisheries, climate resilience, telecommunications, and defence.

The report noted that the largest economic opportunity lies in scaling these solutions from initial pilot stages to programme-level deployments, effectively converting satellite data into decision-grade intelligence, operational tools, and sector-specific applications.

The Path to a Full-Spectrum Space Economy

Cdr. Gautam Nanda, Partner, Business Consulting, Aerospace and Defence Sector, EY India said, "India's space story is at an exciting inflection point," said Nanda. "Over the past few years, we have seen meaningful policy reforms, stronger industry participation and a vibrant startup ecosystem begin to reshape the sector."

"The next phase of growth will come from translating space capabilities into everyday impact through applications that improve productivity, strengthen resilience and create new business opportunities," he added.

"By accelerating downstream adoption, deepening manufacturing capabilities, attracting greater private investment and building globally competitive enterprises, India has the opportunity to develop a full-spectrum space economy that delivers economic value, strategic advantage and tangible benefits for citizens."

The report highlighted that the wider deployment of space-enabled services through interoperable platforms and sector-specific applications helps unlock value across sectors.

Additionally, building technical capability in satellite manufacturing, propulsion systems, avionics, sensors, space-grade electronics, and testing facilities strengthens domestic supply chains and industrial growth.

Innovation and commercialization are further enabled by streamlined authorisations, timely spectrum access, export facilitation, and improved availability of capital.

Strengthening Industry Collaboration

Mallavarapu Apparao, Chairman, CII National Committee on Space said, "India's space sector is entering a phase where industry participation can play an increasingly important role across manufacturing, launch systems, downstream applications and emerging technologies.”

"With stronger collaboration across industry, startups, research institutions and government, India has the opportunity to build globally competitive capabilities, strengthen its position in international space markets and create new avenues for innovation, investment and high-value employment," he added.

The report mentioned that combining technological innovation, supportive policy frameworks, strategic capability development, industry engagement, and international partnerships helps position the nation as a trusted provider of space solutions.

Private capital and startup participation remain central to realizing this projected growth. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)