CENTRE FOR AIR POWER STUDIES

The government announced 100 per cent Foreign Direct Investment (FDI) in the satellites sector, 1 aligning with the Indian Space Policy 2023, which aimed to attract investments, encourage private participation, and accelerate the space ambitions of the nation. [...] The size of the global launch market will grow five times, with an estimated worth of US $47.3 billion by 2032, which would significantly improve India’s position in the space economy, which is only 2 per cent of the total global estimates.3 The space sector in India has increased by 77 per cent between 2021 and 2022, and there are nearly 190 new space start-ups. [...] In addition, it would resolve the issues that the government faced in the space domain. [...] In the year 2023 alone, the private sector invested US $12.5 billion in space companies globally.4 Moreover, satellite manufacturing and launch are the most sought-after domains by the private sector. [...] These companies are just the tip of the iceberg, signalling the tremendous scope and potential that the private sector in space has and the ways in which it can be beneficial for India.